Tax liability on gift of immovable property

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dinesh bhatia (Querist)
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30 January 2016 I am 90 years old tax payer. My queries are as under:
1. In 2012, I have gifted a flat to my GRANDSON Value Rs.38 lacs,Consideration Value NIL and Stamp Duty paid Rs. 2,28,000/= AND
2. In Auust 2015, I have gifted a residential property to my DAUGHTER IN LAW (MY SON'S WIFE) Value Rs. 67,99,077/=, Consideration Value NIL and Stamp Duty paid Rs.2,72,000/=. AND
3. In August 2015, I have gifted one more property (Being Used for Commercial purpose) to my above mentioned DAUGHTER IN LAW (MY SON'S WIFE) Value Rs. 53,32,260/=, Consideration value NIL and Stamp Duty paid Rs. 2,13,000/=

NOW MY QUERY IS, WHAT IS (HOW MUCH) TAX LIABILTY ON ME, ON MY GRANDSON AND ON MY DAUGHTER IN LAW AND WHAT IS THE DATE TO DEPOSIT THE TAX?

THANKS
DINESH

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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31 January 2016 As per section 47(iii) of the Income Tax Act, 1961, any transfer of a capital asset under a gift is not regarded as a transfer. Hence, no capital gains in your hands.

Also, gift received by your grandson and daughter in law also not regarding as "other income" u/s 56(2)(viii) as the donees are covered under relative definition under the same section.

Hence, there is no tax liability in both the cases.

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