I had purchased a flat in my (I am daughter) and my mother's name ~2 years ago (in Chennai).
After 1.5 years passed, she wished to relinquish her right to the property, being of elderly age.
So we were advised to prepare a Settlement Deed and have it registered to transfer right to my name, which we did earlier this year.
I am occupying the said property along with my family.
The Settlement Deed mentions the partial (market) value of the property in the last para.
What are the tax implications for me with regards to this amount?
