Relinquising property share between brothers
11-Oct-2023 (In Property Law)
Hello Sir,
Me and my brother co-own two flats. One in Delhi and the other one in pune. My brother wants me to settle in pune , hence I am relinquishing my share in Delhi flat and he is relinquishing his share in pune flat. Since I am moving to another city he is gifting me 50lacs as gift. Hope it would not attract any income tax on my end. We will sing a MoU and will mention above that he is gifting me 50 lacs and will get it registered by way of gift deed.
Regards, Tripathy.
I have perused the contents of your query and would advise you to share the copy of the MOU and other particulars to enable me to advise you on this issue For further consultancy and legal services you may contact us.
Gift money more than 50000 is taxable. However, blood relation comes in for consideration
However, it can be handled smartly and the liability can be reduced.
Please feel free to reach out to us for any assistance
However, it can be handled smartly and the liability can be reduced.
Please feel free to reach out to us for any assistance
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
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