What will be tax implication on the transferor and transferee , in case transferor transfers his immovable property to his brother without consideration?
What will be tax implication on the transferor and transferee , in case transferor transfers his immovable property to his brother without consideration?
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.
Under which section it is mentioned ?
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.
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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