Transfer of property by way of transfer deed
This query is : Resolved
03 December 2015
Punjab government has exempted stamp duty on transfer of property made without any consideration in blood relation. The document registered for this purpose is called Transfer of Ownership deed NOT Sale deed Or Gift deed.The circle value/ collector rate of the property has to mentioned in the deed.My query is would this be treated as gift for income tax purpose or would there be any capital gain tax applicable?Thanks
04 December 2015
This will be treated as gift to relatives and exempted from tax.
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