My client wants to gift his property to his brother. Can he make power of attorney in the name of his brother to save stamp duty & make gift deed on simple paper or on 100 Rs. Stamp Paper or should he make gift by proper registry by incurring stamp duty.
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Is gift through power of attorney is valid
Replies (5)
Any gift with in relative is exempt.
Any gift to a person other than relative is taxable exceeding. You may refer the section 56 of Income Tax Act.
Thanks!
Tnak u Manish Ji
But i want to know that can a person gift property to his brother by power of attorney to save stamp duty.
to save the stamp duty, execute a registered will or probate, so that after the owner the ownership would go direct in hand of beneficiary,
In my opinion you should execute a irrevocable power of attorney and there after
execute a gift deed too on Rs. 100 stamp
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