gift of immovable property & cash

Querist : Anonymous (Querist) 13 December 2010 This query is : Resolved
I share inherited residential property in Chennai with my brother. We mutually agree to gift my share by a deed and he paying nearer market value in cheque. Is to transfer attracting stamp duty under property transfer at market rate for the property as also capital gains tax under IT. The property is about 55 years old

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adv. rajeev ( rajoo ) (Expert) 13 December 2010
For registration of gift deed I think in Tamilnadu very megre stamp duty.

Kirti Kar Tripathi (Expert) 13 December 2010
agree with Rajoo.

Y V Vishweshwar Rao (Expert) 14 December 2010
In the case of Transfer of Share in the ancestral property for consideration it is better go for Regd Release Deed acknowledging the Consideration from your brother and Release Your Share to brother - the stamp duty will be the same as per local Stamp Act and it will be safe for you for your Account/s purposes & IT Returns .Contact local CA for IT Returns on this issue .

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