quesis income tax payable on gift of property

Sir, One flat is in name of my sister in law (my elder brother's wife), this comes for me after distribution of all assets among brothers. Can my bhabhi gift me this flat and can I save myself from Income tax? is any Income tax applicable on this except property tax and stamp duty?

  • ansGenerally Income tax is applicable for the transaction relating to property exceeding 5 lakhs. Since your sister in law wants to execute a gift deed, income tax is not applicable for your transaction.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Documentation Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Documentation lawyers in India

Similar questions

Sale agreement on rs1000 stamp without notrey n without registered is valid or not
wat you mean question of law

How can I get a Dependent Visa before / on the date of my marriage…

Hello. I have a query that I just wanted to clear. I am born and…

Documentation Lawyers in India

Advocate Nagesh B L

 Experience: 23 years

Advocate T Kalaiselvan

 Experience: 16 years

Advocate Amit Sharma

  Greater Kailash 1
 Experience: 11 years

Advocate Barkha Bhalla

  Banjara Hills
 Experience: 14 years

View all >>

Quick Consult

Get 15 Minutes of Expert Legal Advice on Phone right now

Ask a Free Question

Post a Question online and get free advice from multiple lawyers by email

Find a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly