Dear Sirs,
I am from Bangalore. My father in law wants to gift a plot worth Rs.60,00,000/- to his daughter. My father in law got that plot from govt. authorities as incentive site( paying nominal price) from Bangalore development authority Karnataka govt. when his land was aquired for BDA residential layout. My request is If, My father in law gifts the site to my wife (his daughter) through registered gift deed, is there any tax to be paid by my wife.
Also Me and my wife have planned to sell the plot gifted by my father in law and purchase agricultural land in my wife's name. Can we provide the details of the inheritance of the property (thatis ths the plot gifted) to clarify the authorities as how we arranged the money to buy the agricultural land , in the office where we get registered the agricultural land.
Since I am working, Does my income to be declared when the whole excercise is done. And my wife does'nt have pan card. Please suggest for clear transactions and no problems. I am requesting the advice because, once any property transaction is done the authority officers ask "n" no. of questions and ask for bribe to get things done. The authority can be subregistrar office or taluk office. Please help to be transparent in all transactions and bold to face any authorities without any fear.
Thanks,
V.Ravikumar
