My mother would like to gift an apartment to her daughter-in-law (my wife). The property is more than 10 years old.
we plan to let out the apartment and get the rental income as earned by my wife. I am already an income tax assessee at the higher slab. Gifting this apartment to me would mean higher income tax outflow, when the rental income is received by me. Hence the plan to gift to my wife.
The property is in Chennai.Can you advise the rules governing this gift , as per property tax laws & the tax implications for this gift?
Thanks in advance.