Respected Sir/Madam,
This mail is in regard to our ancestor old freehold property in Malviya Nagar, New Delhi owned by our mataji of age 87 years. The property was owned in the year 1970 and today in the year of 2015, the mataji is willing to sell the property to her daughter. After interaction with property consultant they advised either the property can be sold via Sale Deed or via Gift deed.
We are looking forward to seek your advice of which path is advisable while selling the property. Also in the same context we are having following two queries:
1) Sale Deed: The property in year 1970 was valued as Rs 15000. If the same property is sold in the year 2015, then what will be the income tax liability (if any) on mataji?
2) Gift Deed: If the property is given to daughter as gift deed, then will there be any tax liability on mataji? Also while making the gift deed, is there any other documentation required from the other legal heirs.
Kindly support to share your valuable response.
Thanks and Regards///
CAclubindia
