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How to gift or will property acquired by relinquishment deed ?
24-Aug-2023 (In Property Law)
The property of my father (karta joint hindu family and property inherited before 1950) and he was died in1985. we have 4 brothers and 3 sisters. all 3 brothers and 3 sisters gives me a registerd releiqusmnt deed iin my favaour of one of my father property. now i m the owner. can i make a gift deed or will of this property now. it is self acquired property of me or ancestral. pls suggest me
It is an ancestral property and you are the rightful owner of the same as per the Relinquishment deed and you can will or gift this property being the legal owner of the same and can dispose the same as per your wish.
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Adv. Palak Nenwani
Delhi | 100+ Answers
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The amended Hindu Succession Act, wherein females are given right in the property subsists only when as of 2005, the father and daughter are both alive and property is undivided, when the same is ancestral property .
The right of your sisters in the said property depends on whether the same was ancestral or self acquired property of your father's.
As for your position, it is ancestral property and your heirs have a right in the same. Ancestral property cannot be gifted away.
The right of your sisters in the said property depends on whether the same was ancestral or self acquired property of your father's.
As for your position, it is ancestral property and your heirs have a right in the same. Ancestral property cannot be gifted away.
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Adv. Ashima Mandla
Delhi | 25+ Answers
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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 The Gift Tax Act, 1958 was repealed with effect from 1st October, 1998.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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