is income tax payable on gift of property
Sir, One flat is in name of my sister in law (my elder brother's wife), this comes for me after distribution of all assets among brothers. Can my bhabhi gift me this flat and can I save myself from Income tax? is any Income tax applicable on this except property tax and stamp duty?
Generally Income tax is applicable for the transaction relating to property exceeding 5 lakhs. Since your sister in law wants to execute a gift deed, income tax is not applicable for your transaction.
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