Hi,
My client wants to gift her flat (an industrial gala) to her daughter, an Indian but having a US Citizenship. The duaghter has been living in India since the last 10 years and also filed her IT return regularly.
1. Can the mother do so?
2. What steps and preacautions will both the mother and daughter need to take if they want to go ahead with the above transaction.
Thank you all in advance,
CA CSJ
"1. Can the mother do so? " .............Yes, She can.
"2. What steps and preacautions will both the mother and daughter need to take if they want to go ahead with the above transaction."
Register Gift deed (in person) with sub-registrar, by payment of stamp duty & registration charges.
Give transfer of shares application with the secretary of the society. And to municipal ward officer for transfer of name in tax bill.
CAclubindia
