Gift of Property

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tejashree (Querist)
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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?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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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

tejashree

tejashree (Querist)
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09 December 2009 but...in relative..we have brother of father.so gift to niece shud be tax free?

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