INTERVIEW QUESTIONS TAX GIFT TAX DETAILS

Question: ​Are there any cases in which the value of immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax?

Answer: Immovable property received by an individual or HUF without consideration (i.e., by way of gift) will be charged to tax. However, in the following cases gift of immovable property will not be charged to tax:-

Property received from relatives (*).

Property received by a HUF from its members.

Property received on the occasion of the marriage of the individual.

Property received under will/ by way of inheritance.

Property received in contemplation of death of the donor.

Property received from a local authority as defined under section 10(20) of the Income-tax Act.

Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C).

Property received from a trust or institution registered under section 12AA​.

(*) Relative for this purpose means:

(a) Spouse of the individual;

(b) Brother or sister of the individual;

(c) Brother or sister of the spouse of the individual;

(d) Brother or sister of either of the parents of the individual;

(e) Any lineal ascendant or descendent of the individual;

(f) Any lineal ascendant or descendent of the spouse of the individual;

(g) Spouse of the persons referred to in (b) to (f).​

Immovable property received by an individual or HUF without consideration (i.e., by way of gift) will be charged to tax. However, in the following cases gift of immovable property will not be charged to tax:-

Property received from relatives (*).

Property received by a HUF from its members.

Property received on the occasion of the marriage of the individual.

Property received under will/ by way of inheritance.

Property received in contemplation of death of the donor.

Property received from a local authority as defined under section 10(20) of the Income-tax Act.

Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C).

Property received from a trust or institution registered under section 12AA​.

(*) Relative for this purpose means:

(a) Spouse of the individual;

(b) Brother or sister of the individual;

(c) Brother or sister of the spouse of the individual;

(d) Brother or sister of either of the parents of the individual;

(e) Any lineal ascendant or descendent of the individual;

(f) Any lineal ascendant or descendent of the spouse of the individual;

(g) Spouse of the persons referred to in (b) to (f).​ Source: CoolInterview.com

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