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Income Tax on Flat gift from father in law
26-Jul-2023 (In Property Law)
Hi, My father in law who is currently working abroad is planning to buy a flat for my wife and me, which will be jointly registered. So do we need to pay any taxes for the same or can it be exempted as a gift from father in law ? Also do i need to show this falt as an asset in ITR I file for next year ? Thanks
Gift, above Rs.50000, is taxed as income in the hands of the receiver. However, this rule is not applicable to relatives as specified:
Spouse of the individual
Brother or sister of the individual
Brother or sister of the spouse of the individual
Brother or sister of either of the parents of the individual
Any lineal ascendant or descendent of the individual
Any lineal ascendant or descendent of the spouse of the individual
Spouse of the persons referred to above
Spouse of the individual
Brother or sister of the individual
Brother or sister of the spouse of the individual
Brother or sister of either of the parents of the individual
Any lineal ascendant or descendent of the individual
Any lineal ascendant or descendent of the spouse of the individual
Spouse of the persons referred to above
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Adv. P Venu
Vaikom | 500+ Answers
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