Hi,
The flat in Mumbai is currently in joint name of husband and wife. The husband wants to transfer it completely in wife's name. Is this possible? What is the procedure in Mumbai and the income tax provisions? Will the wife be liable to pay income tax and to what extent?
husband can gift the same to wife,
no tax for gift from husband to wife.
Stamp duty would be payable for getting the flat registered solely in the name of the wife.
Hii,
clubbing provisions u/s 64 will be aplicable if the transfer of HP is revocable, Mr. Sharma is correct there is no tax in the case of gift as given in the privisions of section 56 of income tax act.stam duty is appicable in the given case as mentioned by Balaji
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