I am 31 year old male Indian resident from Mumbai. I am having only salary income of Rs.280000 lacs annually. I am receiving 1BHK flat from my mother as gift (gift deed prepared). Is there will be any taxability on this transaction. How will I show this gift in my return of income next year? I am making payment of Rs.40000 for gift deed process; will I get any deductions against this payment in IT return? Is it compulsory to show this gift deed transaction in IT return? How can I avoid taxability on gift deed transaction?
CAclubindia
