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Immovable property received as stock in trade by gift in not taxable

Income Tax - Started By: - Pradeep Jain - Dated:- 18-4-2015 Last Replied Date:- 22-4-2015 - It is written in Taxmann s Direct Tax Ready Reckoner Ay 20014-15 and 20015-16 on page no A-208 (Para 77.5) neither in the hands of Transferor nor transferee.I .....

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3 lac.Sec 56(2)(vii) is applicable only when property is received by an Individual or HUF as a capital assets. Since house property in the hands of X is stock-in-trade, nothing will be taxable u/s 56(2)(vii) under the head Income from Other Sources . .....

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