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Gift deed or release share of property

Tax queries 372 views 1 replies

inder

Dir

28 Points Joined July 2010

My wife just lost her father and she co-owns a house where she and her mother are co-owners at 50% share.

My wife's mother wishes to transfer her share to my wife immediately.

May I request you for your valuable advice as how to proceed and avoid any taxes in the transfer etc ?

Should the mother Gift it or Release her share...please advise.

I shall be extremely grateful.

Regards

Inder

Replies (1)

Either way is OK. She can either gift her share to your wife or she can release her share to your wife. Both ways no tax is attracted as gift from mother to daughter is exempt category. YOu may enuqire of the implications of stamp duty for either method in the state n which the property is situated.