Please Help: taxation of gigt
Posted Date : 29-Feb-2012 , 03:48:33 pm | Posted By kriti
if i want to gift a plot of land to mu mamaji( mothers brother) whether i would be taxable under taxation of gift.
Category : Audit | Answers : 1 | Comments : 4 | Hits : 270
Answers
Answer By: AKHIL MAHESHWARI
Dear Kriti, Read Section 40A(2)(b) with Section 56 of IncomeTax Act, 1961, and Hence it would not be taxable, but a gift deed must be required.....
Comments
vipin
29-Feb-2012 , 07:26:02 pmin my opinion NO but a gift deed should be there
PANKAJ BANSAL
02-Mar-2012 , 12:32:09 pmno
Siddharth Bumb
02-Mar-2012 , 03:36:07 pmthere should be gift deed ... as per income tax Mamaji is not included under the term relatives.... read section 56 of income tax act
CA. SANAT PYNE
02-Mar-2012 , 03:50:26 pmAs per the definition of relative u/s 40A(2)(b), brothers& sister are treated as relative. So nothing will be taxable. A gift deed should be there to avoid confusion.