assessee is tenant for last almost 40 yrs. now the owner intends to sell the property to the tenant. what is the best option to tenant: 1. buy out at market / guideline value ? -this is quite high; 2. receive it as gift from the owner ? owner is ready subject to that the gift tax is borne by the tenant. will this gift be justified ?(amount is to the tune of 200 lacs value)
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Buying of property by tenant
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Receive the property under a Will and once owner expires , you transfer in your name as under a will. I am not sure of this answer. Please wait for other members to reply
Dear Doshi ji,
Thanks for the reply. But, even if the WILL is registered, the WILL maker can change it any time during his life time which would always be a risk. so we need to find out another solution. it is not that we do not to pay any taxes, but would like to pay minimal.
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