Giving a gift of part of self occupied residential property.

698 votes

Hello Sir/mam You can give part of property through Gift Deed Rest depends on the matter. You can Contact me over phone call for further assistance or advice. Thank You Regards Advocate Kuber Hooda

Advocate Kuber Hooda LawRato

500 votes

Yes, you can transfer a part of your self-occupied residential property to the nieces and nephews of your spouse, but there are a few important considerations to keep in mind: 1. Mode of Transfer: You can transfer the property through a gift deed. Gift deeds made to relatives, as defined under the Income Tax Act, are exempt from gift tax. Nieces and nephews of your spouse may not qualify as your direct relatives under this definition, so consult a tax advisor to confirm if this applies. 2. Stamp Duty and Registration: Even for a gift deed, stamp duty and registration charges will apply, which vary by state. 3. Income Tax Implications: If the gift is made to someone other than a direct relative (as per the Income Tax Act), the recipient might be taxed on the property's market value as income from other sources. Any income derived from this property (e.g., rent) post-transfer may be clubbed with your income for tax purposes under the clubbing provisions if the recipient is a minor or dependent. 4. Consultation with Legal and Tax Professionals: It is advisable to consult with a legal expert to draft the gift deed correctly and a tax consultant to ensure that no unintended tax liabilities arise. Adv. Mahinder Singh Mavi

Advocate Mahinder Singh LawRato