rishi arora
(Querist) 17 March 2015
This query is : Resolved
Dear Sir, I own a flat jointly with my sister. Now she wants to gift me her share in the property. Is this gift taxable given that my sister is now married.
Devajyoti Barman
(Expert) 17 March 2015
Consult a tax professional.
Devajyoti Barman
(Expert) 17 March 2015
Consult a tax professional.
Anirudh
(Expert) 17 March 2015
1. Giving or receiving gift (including immovable property) from relative (sister and brothers are relatives as per relevant provisions contained in the I.T. Act)will not attract any tax either in the hand of the giver or the receiver.
2. However, giving gift will involve 'stamp duty'. This can be avoided, if the sister, who is the co-owner of the flat gives up her interest and right in the property (by giving Registered Relinquishment Deed). In this method, there will not be 'stamp duty' but nominal cost involved in the stamp paper for getting the relinquishment deed typed, and registration charges.
Rajendra K Goyal
(Expert) 17 March 2015
Well advised, agree with the expert Anirudh.
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