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kishore kumar   26 September 2022

tax on gift to son in law

what will be tax or stamp duty on gift by mother in law to her Son in law (Damaad)? is there any way to save tax or stamp duty for such deed?
actually due to some problems and family issues ,son in law purchased a flat in the name of her mother in law. now he wants to transfer that flat on his own name.
now some money saving solution needed.
pl advice. it's a matter of Madhya Pradesh state.
Thanks .


Learning

 2 Replies

Dr J C Vashista (Advocate)     26 September 2022

Stamp duty is a state subject which differ from a State to another.

Tax on the gift may be verified from your CA.

Your facts and query is a mix question which is required to be separate and explicite.

Consult a local prudent lawyer / Chartered Accountant with relevant records of property for proper appreciation of facts, professional advise and necessary proceeding.
 

kishore kumar   26 September 2022

Respected Shri Vashishth Sir, Thank you very much for your valuable advice.
Sir,
above mentioned matter is related to MADHYA PRADESH State.
Can a mother in law write " Haq Tyag " Deed of her property in favour of Son in law? if Yes, Is it legally acceeptable & recognized in property law ?
Or
A Registered will can be a safe option?

My main aim is How can I save Stamp duty or tax which I have already paid when I purchased said property in the name of my mother in law,and now want to transfer it on my name.
Thank you Sir.

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