if property inherited from grandfather ,can i gift to my auntie (fathers brother's wife (kaki). will i be taxed for gifting? property price app 20 lakh.
raja (business) 28 June 2011
if property inherited from grandfather ,can i gift to my auntie (fathers brother's wife (kaki). will i be taxed for gifting? property price app 20 lakh.
A V Vishal (Advocate) 28 June 2011
No, you are not taxed and so is ur aunt. Such gift is exempted from income tax.
Shayan Khan (B.com) 01 July 2011
Your aunty is very lucky. it will not be taxable in the hands of your aunty as a gift tax under income from other sources. however, the effects of capital gains should be considered in this case....
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