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Gift/any other tax on flat share transfer

K P BHANUSHALI (PROPRIETOR) (492 Points)

22 January 2012  

In 2002, I & my brother purchased a residential house in mumbai in 50:50 Joint Share.

Both of us show respective 50% payment towards acquisition cost in our individual Balance Sheets since then. We two brothers alongwith our families & parents stay at this room.

Now, I want to buy another separate house for me and want to Gift my share in this old Flat to my brother.

What will be consequences and tax outcome in this matter.

Kindly reply.

T & R in advance.

 

 


 2 Replies

nimish solanki (IPCC CLEARED) (108 Points)
Replied 22 January 2012

Hi ,

As per section 56(2)vii of I.T act , any gift given to relative is not taxable.

Brother is covered in definition of relative . Hence it will not be taxed either in your hand or your brother's hand.

Prashanth (Chartered Accountant) (2322 Points)
Replied 22 January 2012

Originally posted by : nimish solanki

Hi ,

As per section 56(2)vii of I.T act , any gift given to relative is not taxable.

Brother is covered in definition of relative . Hence it will not be taxed either in your hand or your brother's hand.


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