Legal Question in Real Estate Law in India
I am owner of three house property in the state of Gujarat. I want to gift one of the house property to my Aunty ( Mausi, Mothers younger sister ) I have three queries in this regard.
1. Can I transfer this house property by way of making gift to her. ?
2. Whether any stamp fee is required to be paid or not ?
3. Whether Any tax liability under incometax / gift tax provisions.
Please guide me in the matter
2 Answers from Attorneys
yes you can gift the property by way of a gift deed. The stamp duty is applicable .The amount varies from state to state.
13.03.2014
Dear Sir / Madam,
1. Yes. You can transfer the title of the house property by registering a Gift Deed to your maternal aunty;
2. Yes. The prevailing Stamp Duty for registration will have to be paid &;
3. Gift tax has been abolished on gifts made after 01st October, 1998. However, a gift will be considered as wealth for the Assessment Year when the gift is received. As it is made without consideration, the donor is not liable to pay Capital Gains tax, but the donee is liable for Wealth tax.
Regards,
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