Receiving apartment from in-laws as gift

Nilax (Querist) 21 March 2012 This query is : Resolved
My In-laws want to gift me an apartment. The apartment is under construction and will be ready in another 1 year. what should be the procedure to avoid taxation. I want to do in a way so that the same cant be challenged in future by Taxation authorities for any irregularities as well as from my in-laws. Apartment is still not registered in my in-laws name as the offer of possession has not been given by the builder.

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Ghanshyam Prasad (Expert) 21 March 2012
gift would be premature and void.

V R SHROFF (Expert) 21 March 2012
Let them purchase it, then think of gift!!

ajay sethi (Expert) 21 March 2012
your in laws should execute gift deed in favour of fdaughter not son in law .that too after property has been regsitered in name of in laws .

Nilax (Querist) 28 March 2012
Thank you Experts!!
Is there a possibility of getting the apartment transfered in my name by contacting the builder as my in-laws are ready to transfer in my name. Once the builder offers the possession, I will get the apartment registered in my name directly. Will such a thing be valid. Thanks in Advance.

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