26 January 2010
One of my client has received gift of immovable property from his mother on 22.11.2009. The Govt value of the property is Rs.30.00 lacs & stamp duty payable on it shall be Rs.1.5 Lacs. Whether the transaction is exempt from income tax as the same is received from relative & if not what will be income tax treatment for F.YR. 2009-10. If gift of immovable property is received by a lady from her mother in law after 01.10.2009 , is it taxable.Pl carify it.
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