An Individual received gift of a flat from his friend. The stamp duty value of the flat is Rs. 84,000. In this case whether the total value of gifted property will be charged to tax or only the value in excess of Rs. 50,000 will be charged to tax? https://www.taxtmi.com/manuals?id=4119 When a gift of immovable property without consideration meets taxation conditions and its aggregate value exceeds the Rs. 50,000 exemption threshold, the entire stamp duty value of the property is includible in the recipient's taxable income. Thus, where the flat's stamp duty value is Rs. 84,000 and taxability conditions are satisfied, the full value is chargeable to tax. en-us Mon, 25 Dec 2023 12:51:00 +0530 Mon, 25 Dec 2023 12:51:00 +0530 TaxTMI RSS Generator An Individual received gift of a flat from his friend. The stamp duty value of the flat is Rs. 84,000. In this case whether the total value of gifted property will be charged to tax or only the value in excess of Rs. 50,000 will be charged to tax? https://www.taxtmi.com/manuals?id=4119 When a gift of immovable property without consideration meets taxation conditions and its aggregate value exceeds the Rs. 50,000 exemption threshold, the entire stamp duty value of the property is includible in the recipient's taxable income. Thus, where the flat's stamp duty value is Rs. 84,000 and taxability conditions are satisfied, the full value is chargeable to tax. Manuals Income Tax Mon, 25 Dec 2023 12:51:00 +0530 https://www.taxtmi.com/manuals?id=4119