Settlement Deed Tax implications

Querist : Anonymous (Querist) 19 July 2011 This query is : Resolved
I had purchased a flat in my (I am daughter) and my mother's name ~2 years ago (in Chennai).
After 1.5 years passed, she wished to relinquish her right to the property, being of elderly age.
So we were advised to prepare a Settlement Deed and have it registered to transfer right to my name, which we did earlier this year.
I am occupying the said property along with my family.

The Settlement Deed mentions the partial (market) value of the property in the last para.

What are the tax implications for me with regards to this amount?

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R.Ramachandran (Expert) 20 July 2011
Since it has come to you from your mother, there will be no tax implications.

Querist : Anonymous (Querist) 20 July 2011
Thank you for your reply.

Just to confirm, no Capital Gains tax on the 50% amount as mentioned within Settlement Deed document?

Querist : Anonymous (Querist) 20 July 2011
Wish to edit rating to higher

R.Ramachandran (Expert) 20 July 2011
Gift from one family member to another is completely exempt from tax.

soumitra basu (Expert) 03 August 2011
DO NOT WORRY. YOU NEED NOT HAVE TO PAY ANY TAX SINCE IT IS A GIFT FROM YOUR MOTHER TO YOU. THE QUESTION OF MARKET VALUE WILL NOT COME INTO PLAY.

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