Gift Tax

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Priyanshu Goel (Querist)
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01 September 2016 My Chachi wants to transfer a property of Rs. 10 lacs in my name. But all the related expenses to be incurred by me. Whether she can give me the property as gift ? or is there any other way to transfer the property in my name?

Kaushik Joshi

Kaushik Joshi (Expert)
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01 September 2016 Dear Priyanshu, I can see three questions posted by you and in one of them you've mentioned that your chachi is no more. Kindly let us know the actual situation to guide you better.

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Priyanshu Goel

Priyanshu Goel (Querist)
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01 September 2016 Chachiji lives in moradabad but her husband is no more. The above property has been purchased by my grand father and in his will, my chachaji was the owner of the property and he has given us the property but no written agreement has been made (in between chachaji has been died) Now Chachiji and her childrens are ready to transfer the property in my name but all expenses has to bear by me

Priyanshu Goel

Priyanshu Goel (Querist)
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01 September 2016 whether it can be transferred via sale deed?

Kaushik Joshi

Kaushik Joshi (Expert)
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02 September 2016 Dear Priyanshu, After going through the given details I can advise you as under 1. Section 56 of the IT Act exempts property received by you from your relative. Relative can be brother of the parents or their spouse. Hence there won't be any question of taxability in case you receive it as gift. 2. If you show it as a sale deed and not a gift, it'll be taxable is your chachiji's hands.

Kaushik Joshi

Kaushik Joshi (Expert)
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02 September 2016 Hope this solves your query.

Priyanshu Goel

Priyanshu Goel (Querist)
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02 September 2016 in that case only stam duty charges to be paid by us. whether stamp duty charges beared by me qill be the cost of purchase of the property