Gift of Property
This query is : Open
08 December 2009
Mr.A has a residential flat in mumbai.He wants to gift it "jointly" to his niece(brother's daughter) and niece's daughter(grandniece).What will be the tax liability to the niece and/or grand niece?cud u also help me with the stamp duty implication w.r.to concessional stamp duty to lineal descendant?
08 December 2009
Stamped value of the property will be fully taxable in the hands of your niece and niece's daughter. Because in the word "relative" niece and niece's daughter is not included.
The above provisions are applicable w.e.f. 01 10 2009 Section 56(2)(vii)(b).
However; you can make a will in their favour to avoid such tax. This is advisable if the valuation of the property is high.
If the grand niece is not married; you can gift these properties at the time of her marriage to avoid tax.
Ca Rakhecha
Surat
The above provisions are applicable w.e.f. 01 10 2009 Section 56(2)(vii)(b).
However; you can make a will in their favour to avoid such tax. This is advisable if the valuation of the property is high.
If the grand niece is not married; you can gift these properties at the time of her marriage to avoid tax.
Ca Rakhecha
Surat
09 December 2009
but...in relative..we have brother of father.so gift to niece shud be tax free?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- Non-Compliance documents have not been submitted by the contractors debited
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- Journal entry of busniess expenses
- Invertaded duty struture
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
