I want to know that when sec 56(2) introduced means in which financial year
Is this section applicable on those properties which has purchased before introducing this sec.
Finance act 2009
Section 56 is as under
As per income tax act gifts received are taxable in the hands of recipient under the head Income From Other Sources and there is no taxation for the donor. Here gift means any sum of money, Moveable property or immovable property which received without consideration or inadequate consideration.
This section will be applied only on gifts irrespective to purchase year
CAclubindia
