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Query: When a Gift of immovable property at less than its stamp duty value is chargeable to tax

Category: Income Tax

Answer: A Gift of immovable property at less than its stamp duty value is chargeable to tax if following conditions are satisfied: - a. 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. b. The immovable property should fall in definition of capital asset as per section 2(14) of income tax act like it should not be an agricultural land. c. The prescribed movable asset should be received by an Individual or HUF. d. The prescribed movable asset should be received at a consideration less than its stamp duty value. e. The difference between the aggregate stamp duty value and the actual consideration charged is more than higher of Rs. 50000 or 5% of actual consideration charged. f. Gift is not received from any exempted list of person or occasion.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 816



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