Gift deed regd. or unregd ??

Querist : Anonymous (Querist) 07 March 2011 This query is : Resolved
I wanna give a DDA flat in gift to a friend of mine,what is the legal process,i.e. how to do that legally?

Would my friend be taxed,of yes how much??

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Basavaraj (Expert) 07 March 2011
You have execute a Gift Deed and it has be registered by paying stamp duty against property value beacz you are gifting a flat to your friend who is not your close relative, As per the act if person is not relative like son or daughter they have to pay stamp duty

R.Ramachandran (Expert) 07 March 2011
Apart from that, your friend is also liable to pay income tax because the value of the gifted property would be treated as 'income' in his hands.

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