Hello Friends, i want to know that if a person who has not any family members after him and he want to transfer his residential house to his younger Brother's elder son then it is compulsory to creat sale deed or is there any other way to save stamp duty and dastaveg etc. Pl. reply as early as possible.
Dear Panchal,
I think Property can be transfered by transfering Power of Attorney in respect of the Property.
Secondly, I would suggest not to directly tranfer to the younger brother's Son, since nephew in not covered in the defination of relative hence Tranfer will be taxable in the hands of "Nephew"
Person should first tranfer in favor of his Brother & then His Brother should tranfer in favor of his son.
Mr.Panchal Piyush
Agree with Mr.Amir
What he suggested is an excellent tax planning because "brother's son does not come under relative"....
first transfer to brother and then to his son by him.....
You also refer the Stamp Act ....since some stamp duty is payable incase of transfer to relative(Stamp Act) also (i.e.Rs.10,000 or more not sure)....
Thank U Very Much
CAclubindia
