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Gurgaon News  | Gurgaon Blogs  |  Gurgaon Article

Immovable Property Gifts Attract Tax
19/05/2014
For transferring property, gifting has become one of the most common and important ways. Exchanging gift has come under the Gift Tax Act in the Income Tax Act, 1961, under Section 56. Immovable property can be gifted to any relative or any other third person by the owner. The person who gifted the property is called the donor and the person who received gift is called done. The idea of gifting immovable property is freely and it was also to prevent tax evasion. Excess money of certain limits which was received by any person or Hindu Undivided Family (HUF) is considered under the provisions of the Income Tax Act, 1961 from April 1st, 2004. This money is called as 'income from other sources'.

Since the act got introduced in the year of 2004 it come under several changes. Recent introduced act stated that the person who is receiving gift gets taxed while gifting immovable property is not being get taxed. In October 2009 new amendment was made to the act that any person or HUF who has received gift would be liable to pay tax. Tax would be paid on 'stamp duty value' of the property which should be more than Rs 50,000. Gift should be transferred under the Transfer of Property Act which seeks compulsorily registered where the property is located.

At the time of registration copy of immovable gift, statement of particulars, encumbrance certificate, market value of the property must b submitted. According to the market value of the immovable property, stamp duty is calculated. Firstly in immovable property land or buildings are included then secondly 'stamp duty value' which is adopted by the stamp duty valuation authority. This cost of the property is considered as stamp duty value which was arrived at the taxable value. Value of stamp duty is considered on the date of signing the property agreement. From the year of April 2004, there are exceptions in immovable property taxability which comes under Section 56.

If the property gift is received by any relative such as parents, in-laws, spouse or any other lineal ascendants is not taxed. Property gifts which are received at the time of donee’s marriage or gifted under a will also not come under Income Tax Act. After the property is gifted to the donee then the amount of the property is calculated under Section 49(4) of act.

Source :www.gurgaonproperties.net






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