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Querist : Anonymous

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Querist : Anonymous (Querist)
30 January 2011 my father is a HUF he was in partnership before 2006-07 after partnership firm closed the partners divided their profit & also they have purchase some properties which they have divided too. afterthat my father wish to give that house property to me as a gift.
Do its possible ? if yes how to effect incometax rules ? and also how to prepare gift deed ? give me any files

thanks
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
30 January 2011 Yes possible.

After transfer of property any income arise, is taxable in the hand of transferee.

Gift deed format is readly available in registrar office.
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Guest

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Guest (Expert)
30 January 2011 Your father can gift the property to you and for registration of gift deed contact Registrar or Sub-registrar office.
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