Agriculture land situated in urban area. I want gift my friend. Tax liability kis par aayegi friends or me.
please.. suggest
Agriculture land situated in urban area i.e within muncipality limit etc it will be treated as capital asset and transfer of capital asset you have to pay capital gain tax.
so now as per section 47(iii) transfer of capital asset by way of gift/will/ irrevocable trust is not considered as transfer and therefore seller will not have to pay capital gain tax.
but if the immovable property transferred by way of gift is having a stamp duty value more than 50,000 then stamp duty value will be taxed in the hands of buyer under income from other source.
conclusion
buyer will be taxed if stamp duty value is more than 50000
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