Is there a difference in tax for gift of a share in house property from married sister to brother and from son of dead married sister to son of dead brother, regarding ancestral house prpperty.
Kishor Mehta (CEO) 21 February 2022
Any person who is the legal owner of a property can gift his/her property to anyone he/she likes. Gift Tax is a Central Government tax and levied equally in India. Stamp duty and Registration charges are State levies and vary from State to State,
G Krishna Rao (Advocate) 21 February 2022
In the case of ancestral propety the Sister and son of the deceased sister can relinquish their share to the son of the deceased brother of the sisters. No need to gift the property. you both are relinquish the property in favour fo the son of the deceased brother so that he can mutate his name.