Property as gift

R.RAJAGOPALAN (Querist) 22 August 2013 This query is : Resolved
I have booked a high value apartment[Over Rs 90 Lacs] in Bangalore in the name of my son and daughter in law.They are residing in USA and have now acquired US citizenship. My idea is to gift this property to them as inheritance during the lifetime of myself and my wife. I have been paying the periodical installments from June 2010 out of funds derived from sale of shares, redemption of Mutual fund folios, Dividends on shares and Mutual funds, being held by my wife and myself jointly . The above funds are held in the joint account of my wife and myself. WEF June 2013, I am paying the TDS on Property to the Govt in my name as only I have the PAN and neither my son nor daughter in law has PAN card.Is this OK If not what is the correct procedure?.I have asked my son/dil to apply for PAN but this process will take time.Please advise

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Advocate Sastry (Expert) 22 August 2013
You say that you have already booked the flat in the name of your son and daughter in law... Is the property registered in your name or in their name... Even if your son acquired US Citizenship, he will be considered as a person of Indian Origin (PIO} and he can have property in India... If it is registered in your name it is your self acquitred property.. You can gift it to them.... Get the Gift Deed drafted and register it after paying the Stamp Duty.. You can contact local Advocate...