Gift tax - implications - ancestral property

 

(Querist) 31 August 2013

Hi,

There is an ancestral property (purchased in 1972) in Kolkata in the name of my cousin brother and he has agreed to gift partial share of the property to me. On querying with the concerned govt. department in Kolkata, they said we have to pay stamp duty @ 7% for the transfer of ownership which is fixed either to make a sale deed or a gift deed to a cousin brother.
So, my question is that if we make a gift deed on payment of full stamp duty as said above and I get the property valuing about Rs.60 lac from my cousin brother in my name, what will be the Income Tax implications on me? Will I be liable for Gift Tax in this case? If Yes, Is there any way to evade the tax?

Thanks




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