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status of Property under gift deed sold to third party
03-Aug-2023 (In Property Law)
I purchased a plot in 2013 from Ramesh plot owner he gifted the same property to his father in 2011.Iam constructing house with all permissions and proceeding copy is on my name.gift deed was not cancelled by Ramesh Now Ramesh and his father ready to sign on written paper what should I do to get full right on the property
Currently, there is not gift tax in India. The Gift Tax Act, 1958 was repealed with effect from 1st October, 1998. There are however certain guidelines when it comes to giving gifts and taxation that non-residents should be aware of.There is no tax liability if gifts are between relatives. The definition of a relative is provided in section 56 clause (vi) of sub-section (2) of the I-T Act. For a gift of property in India to be tax free, the relative should be the individuals:1.Spouse;2.Brother or Sister;3.Brother or sister of either spouse;4.Brother or sister of either parents of the individual; or5.Any hereditary ascendant of either spouse
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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