We have a property of 25 cents which is in the name of my father in Kerala.
My father passed away and we haven't changed the name to anybody as it is.
Now we have a members of three includes mom,my brother and me as the successors.
As per my moms decesion,she wants to change the name of the property to both children equally as she is ready to relinquish her privilage in the property and wants to make a gift deed (dhananishchaya aadharam).
She wants to settle all the things on her presence.
My borther is an overseas citizen and i am settled in Bangalore.
I want to know that
.does we have any gift tax while receiving the property?
.For inheriting the property,is there any wealth tax?if so,what will be the percentage?It is an urban area not rural.
.Is it applicable to the overseas citizen?
Kindly help me on this matter.
Regards,
Sonia Antony
