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Related to property gifting

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ashutosh kumar

retired

35 Points Posted on 29 August 2024

Dear Sir,

I have three daughters and also own aresidential house. My eldest daughter lives in one part of the house and remaining is on rent.

My eldest daughter says gift me the whole house and I will gift money equal to 1/4th share eqally to you and to my two sisters.

I want opinion form income tax point of wieq

Thanks

Replies (2)

Quick Summary

This discussion explores the tax implications of gifting a residential property to one's eldest daughter, who proposes to gift money to her siblings in return. While gifts between close relatives are generally tax-exempt under the Income Tax Act, stamp duty considerations, particularly in Maharashtra, are also highlighted. Stamp duty for intra-family residential property gifts is nominal (Rs 200), a change introduced in 2017.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121526 Points Posted on 29 August 2024

As per Income tax act, all such transfers will be tax exempt, as the gifts from relatives are non-taxable u/s. 56(2) IT act.

jagdish chhugani

engineer

833 Points Posted on 30 August 2024

BETTER YOU MAKE WILL AND LET THEM DEVIDE AFTER YOU.

appoint the sole executor of Will to do all that is necessary to administer and give full and complete effect to this Will as per YOUR wish.

TAX POINT OF VIEW

The stamp duty on gift deed in Maharashtra is 3% of the property’s value, as per Article 34 of the Maharashtra Stamp Act. However, if the property is gifted within the family (to husband, wife, son, daughter, grandson, grand-daughter, or wife of a deceased son), the stamp duty is Rs 200 for residential or agricultural properties. This amendment was introduced in 2017.