Hi I have some questions regarding the taxability of gifts which is pointed below:
1. Can a person who has not shown some property in his books submitted to income tax deptt, make a gift to some other person or group of 4-5 persons of the said property? not being a relative .Whether this gift would be taxable under income tax act or gift tax act to the donor or donee? Assumptions (that the donor has got that property in 1986 from govt. and since then he has not shown the same in his books of accounts. Current stamp duty value of the same is 24, 00,000)
2. (Most Important) Further in the 1st question assume that person has made a un registered gift deed in 1989 to his friend is in the possession of the said property and the donee has constructed the house on gifted land and the donee has deceased in 2006 and now his legal heirs are in the possession of the same property and now the donor want to make a duly stamped & registered gift deed to the legal heirs of the deceased donee, whether this transaction will attract gift tax or income tax on original donor or deceased donee or surviving donee?
