What will be tax implication on the transferor and transferee , in case transferor transfers his immovable property to his brother without consideration?
5 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 29 March 2014
Nice Question. Please someone must answer.
Mihir
(Wealth Manager)
(5293 Points)
Replied 29 March 2014
A gift deed will have to be executed. No tax for transferor and transferee. Only stamp duty and registration shall be payable. Brothers are relatives as per income tax.
Nirukt Sharma
(Student)
(133 Points)
Replied 31 March 2014
The immovable property transfered by the brother will be exempt in the hands of the assessee by virtue of section 56(2)(vii) of the Income Tax Act. So, no taxation here. However to execute such transfer, a gift deed will have to be made and get registered under Transfer of Property Act.
Aakash Jha
(Others)
(50 Points)
Replied 31 March 2014
What is the last date for payment of income tax of assessment year 2014-15. as i need to pay some amount to income tax department.
please reply... its urgent
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