Question ID : 39353

GIFT

Assessee has received the immovable property under Gift from her relative. The gift is registered Having a DLC Rate of 2 Crores. The relation is not covered under the definition of Relatives under Sec 56 of income tax act. My Query is what will be the value of Gift in the hands of the receipient 1 Will it be the cost of previous owner as per Sec 49 2 Will it be DLC Rate at which the property is registered with registering authority.

posted by VIPIN GUPTA on Aug 18 2019 12:00AM