Hi All,
I have following questions related to the gift deed
My father-in-law registered a commercial property (shop) as a gift-deed against my wife.
1. How long it will take to get ther registered documents?(it's been three weeks till now)
2. Does this require a Municipal authorites involvlement?(what he saying registration of the gift deed is done but need to transfer the property on your name so applied to municipal authorities for transfer.
3.At present shop is occupied by tenant and he is in rental agreement with my father-in-law. Is that rental agreement is valid?
4.Is my wife required to pay income tax if she sells the property that property?(why I am asking this question, My father-in-law bought this from his income and he paid the income tax).
Please suggest.
Thanks,
Vamsi