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What tax law apply for transfer of property to wife International
11-Aug-2023 (In Property Law)
I'm UK tax resident right now, and my family is tax resident of India. The discussion of CGT triggered after I have got an offer for house in India, which is on my sole name. So before selling I wanted to check the CGT implications. As the property is on my name, if I sell the property, the UK tax laws are indiacting payment of significant CGT (18%-28%) on property sale. So I was wondering if I can gift of the property to my spouse, and let her sell it after few years. However, I’m unclear about gifting to spouse and if CGT will apply to her as well.? Or any UK tax law on gifting will apply to me..?
This is my response to you:
1. You can easily gift the property to your wife;
2. You will be eligible to pay only the stamp duty which will be very less and nominal registration charges;
3. CGST and SGST will not create any problems for you;
4. To understand the tax system (in respect of capital gains) take help of a CA;
5. Rest assured, you should not face any tax issues if you gift;
6. Sell your flat later.
1. You can easily gift the property to your wife;
2. You will be eligible to pay only the stamp duty which will be very less and nominal registration charges;
3. CGST and SGST will not create any problems for you;
4. To understand the tax system (in respect of capital gains) take help of a CA;
5. Rest assured, you should not face any tax issues if you gift;
6. Sell your flat later.
Helpful?
Adv. Gowaal Padavi
Mumbai | 500+ Answers
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First of all make it clear, whether your wife is the Citizen of UK or India. If she is Indian Citizen then you can execute Gift deed in her name and then she can execute sale deed to any one. And if she is citizen of UK, then you can gift to any other of your relatives on whom you can trust.
Helpful?
Adv. Manoj Mulchandani
Nashik | 500+ Answers
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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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