Asoke Kumar Ghosh (Professor (retired)) 21 February 2022

House property gift tax

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.

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Quick Summary

This discussion clarifies the tax implications of gifting house property in India, particularly ancestral properties. It explains that while gift tax is a central levy, stamp duty and registration are state-specific. For ancestral property, instead of a formal gift, family members can relinquish their shares in favour of another, simplifying the transfer of ownership and avoiding potential gift tax.

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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.

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