Deemed gift of building transfers: voluntary transfers by persons treated as owners are classified as gifts under gift tax law. An Explanation is added to clause (xii) of section 2 of the Gift tax Act deeming a voluntary, gratuitous transfer of a building or part thereof by a ... Summary
Deemed gift of building transfers: voluntary transfers by persons treated as owners are classified as gifts under gift tax law.
An Explanation is added to clause (xii) of section 2 of the Gift tax Act deeming a voluntary, gratuitous transfer of a building or part thereof by a person who is deemed the owner under specified clauses of section 27 of the Income tax Act to be a gift for Gift tax Act purposes.
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