Tax planning around gifting of immovable and movable properties will soon turn out to be a difficult task for taxpayers if a Budget proposal gets Parliamentary nod.
The Government plans to amend the income-tax law to curb “black money” transactions in the property market.
Come October 1, the value of any property received without consideration or received with an inadequate consideration will be included in the computation of total income of the recipient. Simply put, such transactions would be taxable at the hands of the recipient under the head income from other sources.
More : thehindubusinessline.com
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