Gift from uncle

parthabandhu guha (Querist) 29 September 2020 This query is : Resolved
My unmarried uncle wants to gift me his house and some land valued at approximately. Rs.50 lakhs. I want to know whether I have to intimate income tax authorities or have to pay any tax on the valuation of the property.

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kavksatyanarayana (Expert) 29 September 2020
You have to pay Gift tax. Consult local CA for proper guidance.

Advocate Bhartesh goyal (Expert) 29 September 2020
Yes,you have to disclose the properties which your uncle is intending to gift you.

Dr J C Vashista (Expert) 30 September 2020
Of course you will have to disclose the transaction(s).

Hemant Agarwal (Expert) 30 September 2020
1. IF you are receiving the House & Land (immovable property) via a Registered Gift Deed (which is received without any monetary considerations), THEN you are under no obligation to inform or take permission from the Income Tax Dept., and neither you have to pay any type of Taxes on the same.

2. However, the property MUST be duly reflected in your Income Tax Returns of the forthcoming years, for all futuristic legal purposes.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Message likes : 2 times

Shilesh Patel (Expert) 30 September 2020
Agreed with the expert hemant agarwal.

krishna mohan (Expert) 30 September 2020
Well advised by Mr.Hemant Agarwal. Any cash transaction in buying property above a threshold value need to be reported by concerned authorities. For tax related compliances you can consult CA for right advise and filing of right returns.