Gift of property

Dattatreya (Querist) 27 February 2014 This query is : Resolved
Whether Gift of a Property to Brother in law (sistors Husband) is liable to Gift Tax or, Income Tax or stamp duty for registration with Sub registrar.

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Devajyoti Barman (Expert) 27 February 2014
Yes, in all respects.

Sankaranarayanan (Expert) 27 February 2014
it will subject to all liabilities

ajay sethi (Expert) 27 February 2014
in case you execute gift deed in favour of your brother in law for immoveable properties you have to pay stamp duty and registration charges .

Dattatreya (Querist) 27 February 2014
Thank you ajayji
Whether gift tax and income tax is payable
What is the rate stamp duty in karnataka
Whether stamp duty will change I'd gift the property to my own brother

ajay sethi (Expert) 27 February 2014
you have to check the stamp duty act of state . in maharashtra if attracts 2%stamp duty . you have to pay stamp duty even if you gift immoveable property to your own brother .

Rajendra K Goyal (Expert) 28 February 2014
Agree with the expert ajay sethi ji.

Guest (Expert) 28 February 2014
Both, stamp duty and gift tax would be payable on transfer. Annual yield of income from property would be subject to income tax, if becomes due from time to time.

R.V.RAO (Expert) 28 February 2014
gift to brother is not taxable (being relative gift tax exempted).but while you register the gift deed,state decided stamp duty and registration fees payable.
these rates vary state to state.

brother in law does not fall in list of relatives and hence gift tax is payable besides regn.fees and stamp duty. there is no separate income tax chargeable on gifts.

T. Kalaiselvan, Advocate (Expert) 01 March 2014
I agree with Mr. R.V. Rao on this matter. Brother in law is not covered in the list of relatives hence gift taxis payable.

R.V.RAO (Expert) 02 March 2014
THANKS.SRI.KALAISELVANJI

Gift of property

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