Transfer of flat(immovable property) to relatives

Which relation from the following will be treated as relative under Section 56(2)(vii) of the Income Tax Act, 1961 (i) Gift of Immovable property from Nephew(Sister's son) to Mama(Sister's brother) (ii) Gift of Immovable property from Nephew(Sister's son) to Mami(Sister's brother's wife) (iii) Gift of Immovable property from Sister's son to Brother's son (cousins)

Sorry to state None of above.

Eg. Mama/Mami is relative of Bhanja/bhanji, but not otherway round!!!

NO EXEPMT FOR ANY RELATIVE US 54

NO EXEPMT FOR ANY RELATIVE US 56

Thanks for the quick reply. If gift is from Sister to Brother's wife OR Brother, whether it will be treated from relative ?

YES.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i)  spouse of the individual;

(ii)  brother or sister of the individual;

(iii)  brother or sister of the spouse of the individual;

(iv)  brother or sister of either of the parents of the individual;

(v)  any lineal ascendant or descendant of the individual;

(vi)  any lineal ascendant or descendant of the spouse of the individual;

(vii)  spouse of the person referred to in clauses (ii) to (vi)
 

Thanks to all. Please clarify the following few questions:

(1) Flat received in gift can be further given as a gift to the relatives. What should be the time gape between two gifts making. 

(2) Flat received from Sister by Brother & brother's wife jointly still exempted from IT.

1. Now you got the point/way correctly. Well, no time bar, only two registration deeds, may be just a day after.

2. Yes. (if both are co-owners)

Thanks for the quick response, now as per new stamp duty amendement act 2015 stamp duty applicable would be Rs.500/ if transfer of immovable property is within family members. 

https://consumerresources.in/2015/05/21/no-stamp-duty-required-for-transfer-of-property-to-relatives/

Weather transfer of residential flat from SON to MOTHER will fall under new stamp act, please clarify

First of all this is applied only in the state of Maharashtra.

Secondly, the Article 34 of Stamp act has different sub-sections, wherein if any residential property is gifted by mother to son the stamp duty is 200/ Rs.; but in reverse case it is 2% of FMV.

Read article below for better understanding: https://www.e-stampdutyreadyreckoner.com/Gift.H T M L

Thanks, If SISTER gifts to BROTHER & BROTHER's WIFE jointly still 2% stamp duty will be applicable.

Yes...........

Hello Dhirajlalji,

The following co-ownership gift drafting would be justifiable to claim exempt from IT Act :

" THIS DEED OF GIFT made at Mumbai this      day of JANUARY, 2017 BETWEEN Mrs.XYZ (Sister)  of Mumbai, aged about … years,  Indian Inhabitant presently residing at ----------, hereinafter referred to as DONOR (which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, executors and administrators) of the One Part AND (1)Mr. ABC (Brother) (PAN No: ) aged about -- years, Indian Inhabitant, (2) Mrs. DEF (Brother's Wife) (PAN No:AAOPM1416C) aged about -- years, Indian Inhabitant presently residing at -------hereinafter referred to as the DONEES (which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his/her heirs, executors, administrators and assigns) of the Other Part "

YES.

Relatives u/s 56(2)(vii)

from whom Gift is permissible under Income Tax Act, 1961

(i)  ; (ii)  brother or sister of the individual; (iii)  brother or sister of the spouse of the individual;
 

Is it mandatory in the Gift Deed to mention the PAN No of the Donor & Donee both ? What is the alternate solution if one does not have PAN No ?