Dear Friends,
We are undergoing a family settlement between 3 brothers (say B1,B2,B3) by way of gifting the assets (property and bank balance) to each other. Specifically, there are 2 properties (say P1, P2) and some money as bank balance (say M) .
The transactions are:
P1 currently in the name of B1 goes to B2.
P2 currently in the joint name of B2 and B3 goes to B3.
The money M cash currently with B2 goes to B1.
Is this correct? What tax liabilities are expected to arise in such a scenario? Is it necessary to execute Gift Deeds in addition to a Family Settlement Deed in the above scenario?
Thanks
CAclubindia
