A lady known to me wants to gift her residential flat to her married daughter. Kindly inform:
1. What process should be followed to complete the legal formalities;
2. Whether there is any tax implication in the gift process?
Thanks in advance.
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Gift of residential flat to marreid daughter
Replies (3)
1. Registered Gift deed.
2. No, as gift received from mother(relative).
In the above example, if the married daughter has settled outside India (i.e., she is NRI) due to her husband's profession (not her profession), can she claim the gifted house in India as her self occupied house if it is not let out? Or does she have to pay income tax on notional rent?
One house can be claimed as SOP, no issue.
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