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Gift from uncle

This query is : Resolved 
 

Online (Querist)
29 September 2020

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.


kavksatyanarayanaOnline (Expert)
29 September 2020

You have to pay Gift tax. Consult local CA for proper guidance.

Advocate Bhartesh goyalOnline (Expert)
29 September 2020

Yes,you have to disclose the properties which your uncle is intending to gift you.

Dr J C VashistaOnline (Expert)
30 September 2020

Of course you will have to disclose the transaction(s).

Hemant AgarwalOnline (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

Shilesh PatelOnline (Expert)
30 September 2020

Agreed with the expert hemant agarwal.

krishna mohanOnline (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.

Rajendra K Goyal Online (Expert)
30 September 2020

No tax attracted.

Agree with the expert Hemant Agarwal.

Rajendra K Goyal Online (Expert)
30 September 2020

sorry wrong / repeated post, removed.



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