Sir,
I am the joint owner of an immovable property ( a residential flat ) in Mumbai, wherein my father is the 1st owner and i am co-owner. My father wants to gift me his share and rights in the property through a gift deed. Can you please tell me whether the recipient (me in this case) shall be taxed ? We do not want to put any consideration in the gift deed. Is there any wealth tax applicable ? Ready reckoner value( government market value) of the property is 55 Lakhs. His share in the property is 50%.
I am the joint owner of an immovable property ( a residential flat ) in Mumbai, wherein my father is the 1st owner and i am co-owner. My father wants to gift me his share and rights in the property through a gift deed. Can you please tell me whether the recipient (me in this case) shall be taxed ? We do not want to put any consideration in the gift deed. Is there any wealth tax applicable ? Ready reckoner value( government market value) of the property is 55 Lakhs. His share in the property is 50%.
Also stamp duty applicable in this case?
Regards
Birendra
CAclubindia
