CAN A DAUGHTER GIFT HER FLAT TO HER FATHER WITHOUT ANY TAX IMPLICATION
10-Oct-2023 (In Property Law)
I am a retired person without own house. I stay in my daughters flat at present. My daughter stays in America and settled there permanently. She wants to gift her flat to me / transfer it on my name. Can she do it without any tax burden on me or any financial implications on me. Please give me right legal advise so that there is no financial burden on me or my daughter.
When you do any kind of transfer of ownership government levy stamp duty on it... especially when transfer is through gift deed stamp duty is required to be paid.... which is 5% of the total valuation of property.
How much money can a husband give his wife tax free?
In normal circumstances, experts say that cash gifts up to Rs. 50,000 will not be taxed by anyone. Cash gift from husbands is not subject to tax. A man can give any amount of money to his wife, without tax implications.
Can we give gift deed to daughter-in-law?
Your mother can certainly execute a gift agreement in your name and that of her daughter-in-law. Anyone can give both movables or immovables to anyone out of love, affection, gratitude, etc.
Can I transfer money to my daughter-in-law?
It is not acceptable for the daughter-in law to receive gifts from her husband, father-inlaw, or mother-inlaw. If any gifts are received, they should not be from the three categories above.
Is money given to daughter-in-law is taxable?
According to the government rules, certain close relatives such as husband/wife, son/daughter (including step child and adopted child), father/mother (including step-father/mother), daughter-in-law/son-in-law, brother-in-law (and his wife), sister-in-law (and her husband) are exempted from paying tax on receipt of gift ...
Sir, your daughter can easily gift the property to you by way of Gift Deed which needs to be registered, there will be a stamp duty applicable on the transaction which has to be paid. we can consider the stamp duty upon ascertaining the title documents available with you. You may connect us accordingly.
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