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
Thanks
Shashi

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This discussion addresses whether a mother in Tamil Nadu can execute a sale deed for farmland in her name and then immediately execute a gift deed to her child on the same day. While legally permissible, it's advised to consider potential scrutiny from Income Tax authorities. An alternative suggested is for the mother to purchase the land directly in the child's name, with the deed noting the mother provided the funds, which could avoid gift tax.

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.

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