APPLICABILITY OF GIFT TAX
Pradeep Dhruva
(Querist) 30 November 2009
This query is : Resolved
MRS. A IS HAVING IMMOVEABLE PROPERTY REGISTERED IN HER SINGLE NAME. SHE NOW WANTS TO ADD THE NAME OF HER FATHER IN THE AGREEMENT FOR 50% OF THE SAID PROPERTY. FOLLWOING QUERIES ARE RAISED :-
(1) whether gift tax will be applicable or not?
(2) whether a fresh Agreement will be required to be executed and what about the stamp duty on the new agreement?
(3) any other query connected with the above matter may kindly be specified.
Writer of the query is seeking your valuable guidance.
P.R. DHRUVA
A V Vishal
(Expert) 30 November 2009
(1) whether gift tax will be applicable or not?
Ans. No
(2) whether a fresh Agreement will be required to be executed and what about the stamp duty on the new agreement?
Ans. Not required but the querist requires to execute and register a gift deed, gifting the 50% share she intends to share with her father. Stamp duty & registration charges differ in different states so you need to check your local stamp duty.
