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What amount of tax is to be paid is case of gift deed
24-Nov-2023 (In Tax Law)
My mother is the original allotee of the property and she is alive. She wants to make me 50% owner of the property. I am married and live with my in- laws separately. How would this transaction fall under gift tax? And what is the amount to be paid as gift tax? Who pays the gift tax in this case? My marriage was in 2012.
Yes you have to pay tax on total fair market value of the land if it's without consideration and if it's with consideration then consideration- full market value of the property, so if you wish to be the owner then you need to pay tax for the same.
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Adv. Siddhartha Mishra
Allahabad | 100+ Answers
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No gift tax is required to be paid in this case. your mother would just be required to execute a registration in your favour thereby making you a co-owner with 50% ownership of the property. However stamp duty and registration fees would be required to be paid for this registration and any of you can pay the same.
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