gift deed

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Geeta (Querist)
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22 March 2010 Person A & B Purchased the flat in joint name(equal Proportion ) with 25% applied loan. A' is the assessee is claiming the housing loan intt in i. tax return. now loan fully paid. b' is the senior citizen. (relation between two person as a mother (B) & daughter (A).
Now B' want to transfer the 50% of her portion to A' through Gift deed.

what is the tax liability will come to A'.
or b has to make a will to transfer the property.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 March 2010 Gift of immovable property is not regarded as transfer for the purpose of Capital gains as per section 47 (iii) of the Income tax Act,1961. Therefore, B need not pay income tax if she gift her right in the property to her daughter B.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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22 March 2010 agreed

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