Gift deed to the brother, right to receive money for that gift

Can I receive money in check out draught for a property which I want to give to my brother? Is there any legal solution so that the money is not taxable?

Answers (2)

56 votes

Dear client,
The essential condition of the gift is that it should be in lieu to love and affection, if you are doing it in lieu of money then it tanta amounts to sale and you have to execute the deed of sale and in Gift deed you cannot mention the consideration amount and if you cannot mention it you cannot claim it to be non taxable. Its better to consult tax consultant

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87 votes

If property is transfer through gift deed then you can not received any amount as in case of gift deed you should not received any amount. In that case you prepare deed of conveyance

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