CAPITAL GAIN + OTHER SOURCE

Bala (Student) (498 Points)

25 May 2010  

Friends help me in this regard..

Mr. X sold his residential house property for Rs. 40,00,000/- to Mr. Y..Property value for the purpose of stamp duty is Rs. 50 lacs (Sec 50C)...

Capital gain is chargeable in the hands of Mr. X with sale consideration as Rs. 50 lacs....

Is Rs. 10 lacs chargeable as gift in the hands of Mr. Y !!!!!!!!!!!!!