Is getting a land from uncle in gift is come under capital gain?
hi,
I am from bihar. My uncle not in a blood relation want to gift me a part of his land without any money transaction. Does it come in capital gain in the it return ? kindly advice. more
I am from bihar. My uncle not in a blood relation want to gift me a part of his land without any money transaction. Does it come in capital gain in the it return ? kindly advice. more
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It has already been clearly stated in various posts here that the value of the land is taxable as income from other sources. No capital gain tax is applicable. Now it is for you to decide whether to goahead or not. more
Aug 30
No capital gain payable on gifted property read section 2(47) & 47 of income tax Act. Prithvi raj sikka advocate Managing Partner Law Juris Delhi more
Aug 30
Yes, the whole value of property (if it exceeds Rs.50000) will become taxable in your hands and will be clubbed with your current years income and taxed at appropriate slab.The provisions of Capital Gains tax will not be applicable. more
Aug 30
Any amount/property received from a relative Yes, you can receive any amount as gift from your relative without any tax liability. The following are the relatives considered for this exemption: (a) Spouse of the individual (b) Brother or sister of the individual (c) Brother or sister of the spouse of the individual (d) Brother or sister of either of the parents of the individual (e) Any lineal ascendant or descendant of the individual (f) Any lineal ascendant or descendant of the spouse of the individual (g) Spouse of the person referred to in clauses (b) to (f) more
Aug 30
