Mutual gift between relatives
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2019
SIR
I HAVE A FLAT ON NAME OF JOINT NAME OF ME AND MY WIFE. MY WIFE WANTS TO GIFT IT TO HER SISTER.
IN TURN SHE WANTS TO GIFT AN AMOUNT OF RS 7500000 TO HER AND IN TRUN SHE WILL REGISTER A NEW FLAT ON OUR NAME (ME AND MY WIFE)
PLEASE INFORM ME ABOUT THE TAX IMPLECATIONS AND THE PAPERS REQUIRED FOR GIFT TO BE TREATED AS GIFT FROM BLOOD RELATION.
THANKS
I HAVE A FLAT ON NAME OF JOINT NAME OF ME AND MY WIFE. MY WIFE WANTS TO GIFT IT TO HER SISTER.
IN TURN SHE WANTS TO GIFT AN AMOUNT OF RS 7500000 TO HER AND IN TRUN SHE WILL REGISTER A NEW FLAT ON OUR NAME (ME AND MY WIFE)
PLEASE INFORM ME ABOUT THE TAX IMPLECATIONS AND THE PAPERS REQUIRED FOR GIFT TO BE TREATED AS GIFT FROM BLOOD RELATION.
THANKS
12 January 2019
No tax implications as it's gift to relative. If asked for you can produce any document to prove both are sisters.
14 January 2019
OK, but it can be interpreted as a 'tax planning for tax evasion' on the transfer of
immovable property.
immovable property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- NRI starting business in India
- Eway bill not cancelled within 24 hous what can be due
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
