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What is the legal process to release the gift deed
23-Aug-2023 (In Property Law)
Ii have 2 name in property one of name is my what should i do release deed or gift deed in vashi navi mumbai in which one less money
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 The Gift Tax Act, 1958 was repealed with effect from 1st October, 1998.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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Hello,as compare to release deed gift is the cheapest way to release ur rights but before entering into any documents do issue legal and public notice so that in future it will not create any hurdle for you.
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Adv. Sagar Kothari
Pune | 400+ Answers
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