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Gift tax

(Querist) 29 July 2012 This query is : Resolved 
My friend wants to gift a piece of land to his father which he purchased 1 year back,the current govt valuation of the land is 40Lac, is there any taxaion in any one's part either donor or donee?
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prabhakar singh (Expert) 29 July 2012
No taxation is attracted as DONOR son is not gaining any thing out of this transaction and
Donne being relative(father) of the Donor,is exempted from paying any gift tax,no matter of what value the property is.
ajay sethi (Expert) 29 July 2012
yes agree that no gift tax is payable . but have gift deed duly stamped and regd

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