Is property transferred to brother as a gift deed
Jagdish
(Querist) 30 June 2017
This query is : Resolved
Sir We both brothers own one shop which was purchased in 1994 now after family partition I am transferring my 50% share in shop to my brother by way of gift deed so I want to ask that is there any capital gain will arise on transfer of long term capital asset?
Rajendra K Goyal
(Expert) 30 June 2017
In my views No capital gains at this stage, if your brother sell it, he has to pay capital gains.
Sankaranarayanan
(Expert) 30 June 2017
Any immovable property received by an individual from any person during any financial year (FY) without consideration, the stamp duty value of which exceeds Rs.50,000, is taxable under the head “income from other sources” in the hands of the recipient. However, an exemption can be claimed if the said property receive from a relative which includes, among others, the brother of an individual. Accordingly, there should not be any tax implication,but the subsequent transaction by way of sale then capital gain will be attractive
Kumar Doab
(Expert) 30 June 2017
You can benefit from the posts in the thread.
Keshav Rao N
(Expert) 07 August 2017
Mr.Sankara Narayanan is absolutely on spot with his opinion.His clarity is appreciated.
