Hi,
My mother has a property in our village, which she wants to sale out and shift to me (I am staying out of state, I am the only son ) and she wants gift me the amount which she will get from it, the approx cost would be 50lakhs,
The property is belongs to my grandfather, and he transfer that property to my mother’s name and legally she is the sole owner of the said property, I have lost my father in my childhood, no one else is there to claim the property except me.
We may dispose the property by March itself,
I am looking forward your kind reply, what would be the tax treatment for it.
Q-1- Can she gift me the entire amount, is that would be taxable or taxable for me, I m working with a MNC I am paying tax around 50K P.A.
Q-2- Can she gift me the rest of amount after buying a self occupied flat, (if she do so) what would be the tax treatment for me and her.
Q-3-is that amount would be taxable, if she wants to gift some amount to my wife?
I know I’ll get a better advice from your experts.
Regards
Sumeet
