Legal Question in Real Estate Law in India

hi im sameswar from india im planin to gift my house in chennai which is worth over 7cr to my nephew(my wife's elder brother's son) who is very dear to me and is staying with me from 20 years.through a gift deed! will i have to pay tax for this or does my nephew have to pay tax for this gift????


Asked on 1/11/10, 1:32 am

2 Answers from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

as u already been advised, you may gift it to your nephew and before that, check with ur CA.

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Answered on 1/11/10, 2:59 am
Seshadri Srinivasan www.lawconcern.com

Apparently your nephew is also not ordinary resident. The transaction is taxable in your nephews' hands but with indexation benefits.

my website: www.lawconcern.com

mu email: [email protected].

warm regards

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Answered on 1/11/10, 6:19 am


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