Legal Question in Real Estate Law in India
My father wants to sell his flat in Mumbai ,India and give his 3 daughters a flat each in Bangalore,India. Is this possible without paying tax or stamp duty?? Please advise.
Asked on 6/10/11, 9:23 am
3 Answers from Attorneys
Shrichand Nahar
S.V.Nahar, Advocate
Sale of flat in mumbai will attract tax. Since your father is selling the same, stamp duty for that will be paid by purchaser.
In case of purchase of flats at Banglore, stamp duty will be required to be paid by the purchaser.
If your father make a gift by cash/cheque of sale proceeds of mumbai flat after payment of taxes to his daughters then that may not attract stamp duty or tax.
Answered on 6/10/11, 10:08 pm
Professor SOMNATH MUKHERJEE
MUKHERJEE ASSOCIATES(Cell +91 9874753359/ 9477781578)
NO IT IS NOT POSSIBLE.WHEN HE SALE THE FLAT THEN HE HAS TO PAY THE TAX ANDWHEN HE GIVE HIS FLAT HE HAS TO PAY STAMP DUTY FOR DETAILS CONTACT IN MY NUMBER
Answered on 6/11/11, 1:51 am
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