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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?

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....n excess of Rs. 50,000 will be charged to tax?<br>FAQs on Gifts received by an individual or HUF - Income Tax - Frequently Asked Questions (FAQs)<br>Income Tax<br>Ans. If the conditions discussed in e....

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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?