Gentleman,
Here is a live case of dispute between Husband and Wife
The recital of the case is herein below:
The wife has filed FIR against Husband, Husband's sister and Husband's father of Domestic voilance for Dowry.
Husband and other defendants got anticipatory bail.
Wife has filed petition in Court for separation along with all charges mentioned in FIR as above said and asked for maintenance and Portion of husband's property.
Meanwhile Husband who was owner of 2 flats and 2 shops gifted all the property to his sister to reduce the liability of the portion of the property and paid stamp duty for registration of gift deeds in SRO (3%+1% of the market value of the properties).
With in 2 months of the gift deed There was a court settlement where was decided that the husband shall give 1 flat and 1 shop to the wife already gifted to the sister and wife agreed on that settlement and decided to withdraw the case against the defendants.
but property was already gifted to the sister and not in Husband's possession now. sister is agreed to give back the property to the brother or his wife.
But the question arises now as per following:
1. What will happen if the sister gift directly to the brother's wife in view of Income Tax act. gift tax act and stamp duty act.
2. What will happen if Sister gift back to her brother the properties and brother gift the same to the wife in view of Income tax act. gift tax act and stamp duty act.
3. Is there any provision where there is a common settlement instrument can be prepared between all three persons i.e. Husband, wife and Husband's sister and in that settlement property shall get transferred from sister to brother's wife and wife accept the same as received from husband and express no claim afterwards. What would be the stamp duty and income tax/gift tax act applicable.
Regards
