Gift from nri brother
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2012
I have come across a situation- One person, say A, is NRI. He paid by cheques from NRI bank account to builder directly ( say cross cheque paid to JKL Constructions ) for buying property for his Indian brother, say B and his mother. Proper Gift deed is signed on plain paper with 2 witnesses-relatives. The registration of property is done on the name of B and mother. Now who is legal owner of this property – A or B? pl reply with justifications/relevant laws..thanks in advance in anticipation..
Pankaj Gupta
(Expert)
27 September 2012
Although the legal owner is "B". But for income tax purpose, such gift will be clubbed in the hands of B , under the head other sources. For clubbing , the stamp duty value of such property will be considered u/s 56(2)(VII) .
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