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Query: When a Gift of immovable property is chargeable to tax

Category: Income Tax

Answer: A Gift of immovable property is chargeable to tax if following conditions are satisfied: - vi. The immovable property should be a prescribed asset. The list of Gifted Prescribed immovable property for tax chargeability consists of land or building or both. vii. The immovable property should fall in definition of capital asset as per section 2(14) of income tax act like it should not be a agricultural land. viii. The prescribed movable asset should be received by an Individual or HUF. ix. The prescribed movable asset should be received without any consideration. x. The aggregate stamp duty value of those gifted prescribed immovable properties received by an Individual or HUF in a financial year exceeds Rs. 50000. xi. Gift is not received from any exempted list of person or occasion.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 389



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