Dear Sir,
A person is having an house with 50% share in his personal name and 50% in his mothers name. He wants to gift his share of property to her sister's husband without consideration. The total property value is 40 lacs. I want to know whether it is taxable in the hands of her sister's husband or not and do the gift agreement needs to be registered and stamp duty is applicable.
Stamp duty needs to be paid and agrement needs to be registered and since
brother in law of the assessee is within the definition of Relative and
therefore not taxable in hands of brother in law.
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