Sonia (NA) 13 December 2015

Does wealth tax applied for gift deed

We have a property of 25 cents which is in the name of my father in Kerala.

My father passed away and we haven't changed the name to anybody as it is.

Now we have a members of three includes mom,my brother and me as the successors.

As per my moms decesion,she wants to change the name of the property to both children equally as she is ready to relinquish her privilage in the property and wants to make a gift deed (dhananishchaya aadharam).

She wants to settle all the things on her presence.

My borther is an overseas citizen and i am settled in Bangalore.

I want to know that

.does we have any gift tax while receiving the property?

.For inheriting the property,is there any wealth tax?if so,what will be the percentage?It is an urban area not rural.

.Is it applicable to the overseas citizen?

Kindly help me on this matter.

Regards,

Sonia Antony

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Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 13 December 2015

Wealth tax is computed on the market value of all the assets you own. You need to pay it whether or not they yield any returns. Tax laws say that every individual and Hindu Undivided Family whose net wealth (assets less liabilities incurred to acquire the assets) exceeds ₹30 lakh is required to pay wealth tax.