Are Immovable Property Received As Gift From Friends Liable To Tax?

Are immovable property received as gift from friends liable to tax?
Posted 1 year ago  | 
Property/Real Estate,Taxation & Duty
Property/Real Estate Taxation & Duty

1 Answer(s)

Rashi Gahlaut
Advocate

Gifts received from relatives are not charged to tax. Relative for this purpose means:

(a) Spouse of the individual;

(b) Brother or sister of the individual;

(c) Brother or sister of the spouse of the individual;

(d) Brother or sister of either of the parents of the individual;

(e) Any lineal ascendant or descendent of the individual;

(f) Any lineal ascendant or descendent of the spouse of the individual;

(g) Spouse of the persons referred to in (b) to (f). Friend is not a relative as defined in the above list and hence, gift received from friends will be charged to tax (if other criteria of taxing gift are satisfied).​