LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Taxation of share of immovable property

(Querist) 23 December 2022 This query is : Resolved 
Immovable property received without consideration by the assessee, as per family settlement memorandum is taxable under section 56(2)(vii)(b)(i) of the Income Tax Act,1961
. Query.. Does the same Law applicable to WILL & Gift deed in respect to immovable property.
T. Kalaiselvan, Advocate (Expert) 29 December 2022
Section 56(2)(viia) of the Income-tax Act, 1961 ('Act') provides for taxation of income where a company in which public are not substantially interested ('specified company')or a firm receives shares of a specified company from a person for no or inadequate consideration.
However property acquired by a Will or settlement or not subjected to the payment of income tax or long term capital gains tax

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now