gift deed

Querist : Anonymous (Querist) 15 June 2011 This query is : Resolved
Is it legally possible for a person to transfer his property in the name of his daughter in law as a gift? Will someone have to pay a tax on this gift?

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Ravikant Soni (Expert) 15 June 2011
Yes it is a valid transfer.

PALNITKAR V.V. (Expert) 15 June 2011
Transfer in the name of daughter in law by way of gift is valid. Gift to near relatives invites lesser stamp duty. Gift tax depends upon the value of the property.

A V Vishal (Expert) 15 June 2011
There is no gift/income tax on transfer of immovable property by FIL to his DIL. As suggested by Ld Palanitkar Sir it will attract minimal Stamp duty and registration chgs

Devajyoti Barman (Expert) 15 June 2011
Yes he can.

Querist : Anonymous (Querist) 16 June 2011
Thank you everyone....Mr. Palnitkar mentioned that the gift tax depends on the value of the property. The property is somewhere between 3-4 crore. There are two sons but one is out of India. So the FIL wants to transfer the property in the name of the son who is in India and the wife of the other son (since that son can't come to India for the transaction).... Would the registration fee be 5% since it would be in the joint name of a man and a woman?

A V Vishal (Expert) 17 June 2011
THERE IS NO GIFT TAX, ONLY STAMP DUTY IS APPLICABLE.

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