LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Gift deed

Querist : Anonymous (Querist) 01 September 2021 This query is : Resolved 
I live in Tamilnadu, India. My mother is purchasing farming land and gifting me. Can She execute sale deed from a seller to her and deed of gift to me on same day? (First sale deed to her and gift deed to me - SAME DAY). Please let. me know
Dr J C Vashista (Expert) 02 September 2021
It is perfect and no legal impediment to execute gift deed in your favour.
PARDEEP KUMAR (Expert) 02 September 2021
Yes, no difficulty but ensure that stamp duty on gift deed, if applicable, too is born by your Mother.
Advocate Bhartesh goyal (Expert) 02 September 2021
Yes,sale deed and thereafter gift deed can be executed.
P. Venu (Expert) 02 September 2021
Why you are in too much of a hurry? Such a haste may invite scrutiny from Income Tax Authorities.
Querist : Anonymous (Querist) 02 September 2021
I do not want to run two times to the SRO, it is pain and lot of crowd. Apart from IT Authorities, do you see any legal issues?
kavksatyanarayana (Expert) 02 September 2021
In such a situation, your mother can directly purchase in your name, in the deed it shall be mentioned: "that the consideration is given by the mother of the buyer". If you do this, you will save income tax. If your mother purchased and gift to you, gift tax will be levied.
Querist : Anonymous (Querist) 02 September 2021
Thanks for the info, it is an agriculture property and typically tax won't come into picture.

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Post a Suggestion for LCI Team
Post a Legal Query