Hi, We are two brothers and co-own two flats in delhi and pune. I am staying in Delhi Flat and pune flat is vacant. My Brother stays in another flat in noida owned by himself. My brother wants me to settle in Pune. So he wants me to shift to pune. What we are planning is to relinquish share in both the flats in pune and delhi so that we get individual ownership. I become absolute owner for pune flat and he becomes absolute owner of Delhi flat. Flat in Delhi is priced more compare to pune one. My question is can i receive difference amount from my brother as gift and save tax.
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Tax liability if brothers relinquish respective share in flats
Replies (1)
you are receiving from your own "brother" who falls under the definition of relative as section 56 of it act and hence the whole amount is exempted...but it is better if you guys prepare a gift deed....
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