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Gift of property and bank balance
Hi All, if father let say gifts 50 lakhs bank balance and property worth 1 crore to Son and same gifts to daughter in law. Would there be any tax on such gifts and how about future income generated out if these properties!
Replies (5)
No tax liability over the gift by father to son or DIL, but in second case clubbing provision applicable.
Thanks for the quick revert! So there is no limit to gift amount, if those are given to specified relatives? Do such transfer needs to be documented in advance
No limit for gift in case of relatives.
Yes, registered gift deed for immovable property and gift deed (better notorized) for bank transferred amount.
Thanks a ton sir. So in 2nd case father in law income will include all incomes generated from such transferred properties to DIL.
Rightly said
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