I have a flat in Mumbai inherited from my deceased father. I have 2 minor grand daughters (1 & 3 years) born abroad, having US passport. My son is NRI having Indian passport.
Can directly I gift 33% + 33% share of flat to each of my grand daughters? Or, will "conditional gift" deed be more appropriate? I or my wife will sign as their guardian in India.
Will there be problem in sending sale proceeds abroad to their account?
The reason is to distribute the profit on eventual sale of my flat thereby saving tax on LT capital gain.
Thanks for your guidance.
