Legal Question in Real Estate Law in India
my relative was recently gifted 5 flats after joint ventures in kolkata , he is liable to pay income tax & what rate
Asked on 6/14/16, 6:08 pm
1 Answer from Attorneys
Up to Rs 50,000 not taxable: Cash or gifts in kind (presents) from non-relatives is non-taxable up to a value of Rs 50,000 in a year. However, if it is, say Rs 55,000, then this entire value of Rs 55,000 is added to your gross total income and you pay tax on it, as per your tax slab.
Answered on 6/14/16, 9:19 pm
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