Income tax liability on Gift of immovable property received

Question

Income tax liability on Gift of immovable property received

23-May-2023 (In Tax Law)

Is there an income tax liability on a Gift of immovable property that I have received?

Answers (1)

Answer #1

Adv. Chikirsha Mohanty

Delhi | 200+ Answers

Chat CONTACT NOW

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Connect with top Tax lawyers for your specific legal issue

Connect with a Lawyer

Comments by Users

No Comments! Be the first one to comment.

Recent Questions

House Property Deemed Ownership exemption

Will email suffice for a loan agreement between husband and wife?

Clarification on GST rate applicable to guest house food sales.

Labour welfare fund collection

Sec -73 and 74 Ordered even Tax Deducted from ITC.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers

LawRato LawRato · Accepted Answer · 2018-05-23T17:05:26+05:30

A person receiving a gift of property is liable to pay gift tax. This income would be taxable in the year the gift is received under the tax head of income from other sources.

Helpful?

63+