675+ Lawyers are online 
Income tax liability on gifted immovable property
23-May-2023 (In Tax Law)
What is the income tax liability on gifted immovable property?
"If the following conditions are satisfied, an immovable property received as a gift will be taxable:
(i) Immovable property, being land or building or both, is received by an individual, (ii) The immovable property is a capital asset under Section 2(14) of the Income Tax Act, and (iii) The stamp duty value of such immovable property received without consideration exceeds Rs. 50,000. The gift will be treated as an ""income from other sources"" and will be added to the other heads of income for the purpose of calculation of income tax."
(i) Immovable property, being land or building or both, is received by an individual, (ii) The immovable property is a capital asset under Section 2(14) of the Income Tax Act, and (iii) The stamp duty value of such immovable property received without consideration exceeds Rs. 50,000. The gift will be treated as an ""income from other sources"" and will be added to the other heads of income for the purpose of calculation of income tax."
Helpful?
62+
62+
Adv. Siddhant Sharma
Delhi | 200+ Answers
Chat
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.
Connect with top Tax lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
