Hi
I and my childhood friend jointly purchased and owned ( 50:50 ) a flat in Calcutta since September 2013. My friend is getting married and has gifted his share of 50% of the flat to me through a registered gift deed ( out of love and affection ) made in October 2017 making me a sole and absolute owner of the flat. The fair value of his 50% share of the flat transferred to me on which stamp duty was levied came to 37 lakhs on the date of gift deed registration. I live in the flat and have no intention of selling and renting. Do I have to pay any income tax on the 37 lakhs ( gift deed value ) in the FY 2017-18 for this case ?
Will be grateful to receive your advice.