Gifting of property to my sisters children

Gunjan (Querist) 03 January 2016 This query is : Resolved
I have inherited a property in south delhi from my deceased husband . I want to gift a part of the property to my sister's children. What would be the tax implications?
Will my sister's children be considered my blood relation?

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Kumar Doab (Expert) 03 January 2016
Get the inheritance inserted in mutation record. This shall grant your rights of owner.

Once you are owner or attain rights equal to that of owner you can dispose the property like an owner.

For charges you may inquire from SRO.

Laxmi Kant Joshi (Expert) 03 January 2016
Well adviced by mr.doab, your sisters children didn't considered your blood relation, you have to pay stamp duty as in sale deed .

Rajendra K Goyal (Expert) 04 January 2016
Stamp duty differs from state to state, consult nearest registrar office.

Consult local tax consultant for any other tax by providing him full particulars of the property, its market value, circle rate and relation.

K.S.Srinivas (Expert) 05 January 2016
If the inherited property is transferred in your name then you can gift part of that property to your sister's children. For registration of gift deed stamp duty shall be paid.

T. Kalaiselvan, Advocate (Expert) 11 January 2016
Your sister's children (your nephews or nieces) are not considered as blood relations hence you may have to pay the full stamp duty as applicable.

Anirudh (Expert) 11 January 2016
Yes. Your sister's children are your relatives. Therefore, if they receive gift from you, they will go income-tax free on that gift.