Property gift

Querist : Anonymous (Querist) 08 February 2018 This query is : Resolved
Hello.
I have a property which was registered in my uncle's son name. now he wants to gift me. so can i get the property with less stamp duty and no income tax.

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Ms.Usha Kapoor (Expert) 09 February 2018
Yes you can get the property without gift/income tax and less stamp duty as per Income tax Act 1961.

Ms.Usha Kapoor (Expert) 09 February 2018
Yes! you can gift the property without income tax/gift tax and less stamp duty if you accept the gift from your uncle's son.

Vijay Raj Mahajan (Expert) 09 February 2018
For gift of immovable property you will require Gift Deed to be registered after paying applicable Stamp Duty and property tax etc. in the district/State where the property is situated.

Sri Vijayan.A (Expert) 09 February 2018
Sorry, for registration purpose, fee and stamp duty, the gift deed is considered as sale deed. If you can get fee concession for gift, everybody will transfer the property as gift only.

Ms.Usha Kapoor (Expert) 10 February 2018
Under Income tax Act certain specified relatives and exchange of gifts or cash etc among them is not taxable. Since the queriest is accepting gift from his uncle's son he is covered by specified relative and no income or gift tax is levied on both the donor and donee unless the donee generates INCOME OUT OF THE GIFT WHICH INCOME IS TAXABLE.Of course gift Deed should be registered at full registration fee as pointed out By my learned friend and expert Mr.VijYAN.

Dr J C Vashista (Expert) 11 February 2018
If you are seeking an obligation from experts FREE OF COST on this platform, you will have to disclose your identity as per rules. No reply for anonymous author.
Otherwise consult a local lawyer.

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