MY FATHER WANTS TO TRANSFER HIS IMMOVABLE PROPERTY SITUATED IN AHMEDABAD ON MY NAME. I AM ONLY SON. AS PER NEWs PAPER ARTICLE DATED 03/04/13 HE CAN TRANSFER PROPERTY ON MY NAME BY DEPOSITING ONLY RS 100 AS STAMP DUTY. IS IT POSSIBLE?
WHAT IS THE EFFECT ON ME. WEATHER I HAVE TO PAY GIFT TAX OR ANY TAXATION?
I have perused your article. I too am Gujarati, so i could read it immediately. Yes as per the article it states that you do not need to effect a f\gift deed. It impliedly states that. however, a lawyer in Gujarat needs to confirm the date of effect of this amendment in stamp.
Thanks a lot for reply. But other two question is steel need to confirm weather I can sale property after deed?
What is the situation if I will sale immediately. Can I take benefit of index price rule?
If I will invest full amount for purchasing new property it will be suffice for tax treatment.
As per the recent judgment of Supreme Court, there will no stamp duty on the gift of properties made in blood relations. It can be made only on a stamp paper of minimal amount. But in case if you want to sale that property, you have to pay capital gain on it. In case you wish to keep the property, no tax has to be paid. For more information write to me at firstname.lastname@example.org. No charges for consultation.