Transfer of flat

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2013 Hello CCI members and professionals ,
If an assessee transfers his flat (gift) to his younger brother @3% stamp duty and 1% registration charges on sub registrars valuation, then :
1) IF assessee purchases another flat, will the gifted flat be treated as additional flat held by him and hence notional rent is to be added for income tax calculation ??

2) As and when the gifted flat is sold, can the stamp duty and registration charges that were paid at the time of gifting be added to the cost of the flat for arriving at capital gain ???? calculation for assessee

Please reply soon
Thanks in advance !!!

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 December 2013 1. Ans is no if gift deed made and reg done in jurisdictional HC.

2. Yes it will be added in cost.

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Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2013 Thanks Tushar for your reply.....Wish u a merry xmas and happy new year in advance!!!

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 December 2013 You are welcome and same wishes to you and your family.

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