ajit (Deputy Manager-Accounts) 23 October 2016
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.
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Dhirajlal Rambhia (KVO Merau Kutchh) 24 October 2016
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.