Income tax
This query is : Resolved
05 February 2018
Sir, I own a flat jointly with my brother. My brother owns half share in the flat. His share value is Rs. 6.50 lakh. After a family settlement he now wants to relinquish his share in the flat without taking any consideration. I have heard that in case of relinquishment without consideration the stamp duty for the relinquishment deed is taken as the sales price. The stamp duty will be 7% of 6.50 lakh that is 45,500. So, my brother will have to pay tax on this amount. Is this true? If this is not true please advice who will have to pay tax and how much tax will be paid
05 February 2018
Register a gift deed no tax payable and stamp duty very less.
06 February 2018
Gift deed is better option & Stamp duty will also be Nominal
06 February 2018
Thank you, but a gift can be challenged later on by my brother's children, so i want to get the transfer done by a relinquishment deed, Please advise.
06 February 2018
Take legal advice on it. You can obtain signature of brothers children on gift deed which can't be challenged.
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