Gifting a property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2015 Namaste,

Scenario-1:
Can a mother gift a property to one of her sons?
Is it through a usual gift deed?
Is there any cost, tax etc. (in %age)?
Does this need consent of her other children? If yes, how can they give consent?

Scenario-2
Can joint owners (legal heirs) of a property gift the property to one of the heirs? Is it considered as a gift or relinquishment? What is better, gift or relinquishment, in terms of costs and procedure? What is the cost (general %age) in case of relinquishment?

Scenario-3
Can joint owners (legal heirs) of a property gift the property to the wife of one of the heirs? Is it considered as a gift or relinquishment? What are the cost and tax implications (general %age)?

Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 March 2015 1. Mother can gift to son without paying any tax.
Gift to relatives are exempted no tax payable.

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