Income tax for settlement deed

Partha (Querist) 19 December 2018 This query is : Resolved
Hi - If I get a non-residential plot from my father through a settlement deed, is there any short term or long term income tax implication?

Thanks,
Partha

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kavksatyanarayana (Expert) 19 December 2018
You have to pay Gift tax. consult local CA.

Kumar Doab (Expert) 19 December 2018
You may also post at LCI groupwebsite CAClubindia

Suhail A.Siddiqui (Expert) 20 December 2018
If it is family sattlement then there's no capital gain tax.

ramaraju ramaiah (Expert) 20 December 2018
if it is family stttelment deed no capital gain tax if it is barter system of settelment it comes under gift. Any how gift made to son is not taxable but source should be proved by father otherwise father will pay income tax under other source of income

Partha (Querist) 21 December 2018
Thanks for the pointers and answers.

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