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.
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,
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