What is the legal procedure to gift a property
24-Aug-2023 (In Property Law)
What is the legal mechanism to gift property in my name to the HUF of which i am the Karta. Do i need to pay registration and stamp duty or it can be done by gift Deed itself?
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 The Gift Tax Act, 1958 was repealed with effect from 1st October, 1998.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
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.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
- Varisan certificate process and fees and from where it is applied
- Legal Documentation for Claiming Ancestral Property Share Without Disp
- Agriculture land and house property are two separate entities or singl
- Grandfathers property sold out by the grand daughters.
- Gift deed from mother to son but paid in cash the property value
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."