Fact : An immovable property is acquired in the year 2003 without any consideration (the only consideration being in kind offered by the acquiror for rendering his services for clerance of the project where this immovable property exists)
Question1 : What shall be the implications as far as Gift tax Act is concerned? (Sec 56 was not applicable then)
Question2: What shall be the implications as far as Income Tax Act is concerned, if the above property was acquired in the year 2005? (Sec 56 was applicable then but not to immovable property)
Kindly clarify.
Regards,
Aziz Suterwala
CAclubindia
