I currently own property (flat) jointly with my Brother. Am planning to convert the ownership from 'Joint' to 'Single' by transferring my share to my Brother. Please advice on
1. Mode of transfer to make it tax efficient (is gifting the best option?)
2. Legal formalities required to execute (pls note that property is currently mortgaged with bank)
Request for your valuable feeback
Tejas Shah
gift is a better option.
Gifting wont help you as the clubbing provisions might get attracted.
Rather than gifting, take adequate amount from your brother which in turn will be cost in hands of your brother for purchase of balance share in house property.
For me this is a better option to avoid any litigation.
| Originally posted by : kaushal (taxbykk) | ||
 |
Mr. Tejas First question which i come to my mind why a brother wants to gift is half a share in proiperty to his brother. Definitely the question of love and affection is not there. Some consideration should be thereby. What is that clarify it. Then the right answer will come. Thanks |
 |
inter family settlement may be implemented to make a gift to his own brother without consideration. department may raise doubts for such gift transfer but can not deny on genuine grounds representation
CAclubindia
