Income tax liability on gifted immovable property

What is the income tax liability on gifted immovable property?

Answers (1)

126 votes
"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."

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