Taxation of share of immovable property
shyam lal
(Querist) 23 December 2022
This query is : Resolved
Immovable property received without consideration by the assessee, as per family settlement memorandum is taxable under section 56(2)(vii)(b)(i) of the Income Tax Act,1961
. Query.. Does the same Law applicable to WILL & Gift deed in respect to immovable property.
T. Kalaiselvan, Advocate
(Expert) 29 December 2022
Section 56(2)(viia) of the Income-tax Act, 1961 ('Act') provides for taxation of income where a company in which public are not substantially interested ('specified company')or a firm receives shares of a specified company from a person for no or inadequate consideration.
However property acquired by a Will or settlement or not subjected to the payment of income tax or long term capital gains tax
