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Transfer of flat to the son of my wifes brother

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(Querist)
27 November 2013 I want to transfer a residential house in the name of the son of my wife's brother.what is tax implications.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 November 2013 Your wife is sister of his father and you are the spouse to your wife. So you are a relative of your wife's nephew
.
(Explanation para - (iii) read with para (vii))
.
No tax implication will be there as far as Section 56 is concerned.
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