Question ID : 44439

TAXABILITY U/S.56(2)(VI)

Taxability U/s.56(2)(VI) Dear Colleagues Please clarify on the following points: Whether a Male Donor can settle his Immovable Property infavour of his Grand Daughter (Daughter’s Daughter) and claim exemption 56(2) of the Income Tax Act. Assuming the Sub Registrar collects Stamp Duty on the Settlement Deed on treating it as Sale of Property, whether the assessee would be denied exemption on this account? A.S. Raman Chartered Accountant

posted by A S RAMAN on Mar 8 2023 12:00AM