Transfer of property
RAHUL
(Querist) 08 September 2016
This query is : Resolved
Dear Sir,
My grandfather (dadajee) wants to transfer his self acquire property to my name(grand son) wheater my grandfather"son or daughter can make any legal objection in future on that property???
If grandfather transfer his property to my name shall I have to pay any tax to govt???
Thanks
Kumar Doab
(Expert) 08 September 2016
It is believed that your grandfather,you are Hindu.
Hindu can dispose his self acquired/earned estate in his life time by a valid deed e.g; WILL (preferably registered),Gift, sale etc etc....
Rajendra K Goyal
(Expert) 08 September 2016
Your Grand father can sell / gift / mortgage / bequeath a will of his self acquired property to any one as per his wish, no other can object.
Raj Kumar Makkad
(Expert) 08 September 2016
If your Dadaji during his life-time by way of a registered gift-deed transfers that property, which attracts heavy stamp duty as per State laws, then it cannot be challenged in future but if he makes a will (registered or unregistered), which do not attracts stamp duty, can definitely be got challenged by other legal heirs of your Dadaji at the relevant time.
Kumar Doab
(Expert) 08 September 2016
As per your post your grandfather is inclined to dispose his estate in your favor.
At this age a person is wise and mature and aware.
He may prefer to get himself examined by a doctor for sound mental health and register the WILL.
Some state have waived off/reduced charges in case of gift amongst blood relation.
You may check the list of blood relatives.
Ms.Usha Kapoor
(Expert) 09 September 2016
Tell your grandfather to gift his self acquired property to you by way of registered gift deed mentioning the donor gifting the property and Donee on his part accepting the property gifted and get it registered so that no body challenges it in future. Currently this kind of gift between specified relatives is totally exempt from tax but if you sell the property to some one and invest the sale proceeds in Bank etc the interest you draw on Fixed deposits is considered as income from other sources and would be taxed as such in your hands.Through proper tax planning you can save on tax by prudent investments and tax saving schemes.
Raj Kumar Makkad
(Expert) 10 September 2016
@Usha Kapoor! In case the property is gifted to donee and is entered accordingly in the ownership in possession of such donee then the income derived out of such property should be considered as income from house property instead of income from other sources. Kindly clarify this point which you have mentioned in your reply otherwise.
Ms.Usha Kapoor
(Expert) 11 September 2016
Dear Mr.Makkad,
I said if h disposes of his gifted house property unless he wisely invests in Section and invests the same in Bank Fixed Deposits, the interest received by him on Banks Fixed Deposits would be treated as income from other sources for he had already dispose of his gifted house property by his grand father. There is no house left for him. So investing the sale proceeds of the gifted property in Bank Fixed Deposits and interest he receives out of them can certainly be called income from other sources and hence liable to get taxed as such.If you'd read the whole answer a bit patiently you'd have understood this point.
Rajendra K Goyal
(Expert) 25 September 2016
Capital gains tax has to be considered while selling gifted property.
