Tax on capital gain which is gifted

Aditya Sharma (finance advisory) (377 Points)

21 July 2016  

Hello, my Aunt wants to sell a flat of Rs. 28 lacs. If we transfer the proceeds to her 2 daughters through gift deed (14+14) than can we get relief from Income tax? do my aunt need to pay capital gain on 28 lacs which she wants to give her daughters.?? do the daughters needs to pay any tax?? what formalities and compliance needs to be followed?? please help.