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Transfer of immovable property & tax implications


ajit (Deputy Manager-Accounts)     23 October 2016

ajit
Deputy Manager-Accounts 
 31 points

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My sister-in-law (Bhabhi, Elder brother's wife) is holding a land/plot solely in her name since 1987. Since they have no children, now my Bhabhi wants to transfer 50% of share of this plot in my name and my children.Whether she can transfer directly in our name by transfer deed? What is the tax implications to her and ourselves? Please advice. Thanks.

avater

Dhirajlal Rambhia (KVO Merau Kutchh)     24 October 2016

Dhirajlal Rambhia
KVO Merau Kutchh 
 9123 likes  92646 points

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Any Gift received from Bhabhi and chhachi is tax exempted for receiver. and no tax liability to donor. So, no tax liability on anyone; she can gift the land part to you & your children.


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