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Query: What is value of taxable amount in case of Gift of immovable property

Category: Income Tax

Answer: In case of gift of prescribed immovable property, if the aggregate stamp duty value in the hands of receiver exceeds Rs. 50000, the total stamp duty value of all the gifted prescribed immovable properties are chargeable to tax. Here the limit of 50000 is just to determine chargeability, it’s not a deduction, if the stamp duty value of gift exceeds Rs. 50000, then the entire stamp duty value of gift would be chargeable.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 379

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