Tax on Immovable as Gift

Hi,

My wife and I have a property in joint names worth about 30L. We wish to gift it to my older brother with a condition that the property should go to his daughter after his death. I was under the imptression that there is no gift tax involved. I get conflicting advices. As we are not selling the property, I guess thare is no stamp duty to pay. I really do not want my brother to end up paying tax. What is the current situation? Any appropriate advice appreciated. Thank you.

Replies (1)

a) Stamp duty would apply for sure as in to register the transfer however it would be concessional rate in Maharashtra it is 2% instead of the regular 5%

b) Income Tax Provisions are not attracted as explained by Uday

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