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Gifts u/s 56

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 August 2017 Whether an Immovable Property (i.e. a Residential Flat) received by an Individual from his Mother is Taxable?
The said Property was purchased by the Father of an Individual & after the father's death the Legal ownership was transferred to mother & now Mother has Transferred the said Property to son. So, Will this be Taxable in the hands of Son U/s 56 as a Gift or it will be Exempt as Property is received from mother being an Relative of an individual.
Also, Please state what Legal Formalities needs to be done so as to get the Son's name in the said flat?

Please Help.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
27 August 2017 Gift received from mother is exempted. Draft Gift deed for proving validity of such gift.
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 August 2017 Ok Thank you Dear Rashmi Gandhi
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
27 August 2017 Welcome.......
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