TRANSFER OF HOUSE PROPERTY

This query is : Resolved

Gaurav Garg (Querist)
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01 May 2009 A SENIOR CITIZEN IS HAVING A DDA FLATS WORTH RS. 50-60 LAKHS AND EARNING HOUSE RENT INCOME OF RS. 6,000 PER MONTH FROM LETTING OUT ONE FLOOR OF IT.

NOW HE WISH TO TRANSFER IT TO HIS DAUGHTER-IN-LAW. WHAT ARE THE WAYS AVAILABLE TO IT SO AS TO TRANSFER HOUSE TO HIS DAUGHTER-IN-LAW WITH LEAST MINIMUM CAPITAL GAIN.

CAN HE TRANSFER IT FOR RS. 2-3 LAKHS IRRESPECTIVE OF SECTION 50C OF INCOME TAX ACT, 1961.

THE PURPOSE BEHIND TRANSFER OF PROPERTY IS TO CURVE TAX LIABILITY.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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01 May 2009 Since she is daughter in law you can transfer by way of a gift deed. The stamp duty charges will be around Rs.1000/- and please add a clause that they are taking care of him and because of love and affection on them and reciprocity shown by them has led him to give his wealth to them.

The other alternate is by way of will which will pass on to her after he reaches almighty.

If you transfer for a certian cost then it will be a problem for you. Because the local authorities will charge stamp duty on market value of the property.

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