Gift a part of my self acquired property to my grandson

Querist : Anonymous (Querist) 28 December 2023 This query is : Resolved
I have a grandson(Major) and a granddaughter (Minor). Can I gift a part of my self-acquired property to my grandson without any payment to other agencies for Property Tax etc? My property is in Mumbai

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Ambanshu Sahni (Expert) 28 December 2023
As per Section 56 (2)(x) of the Income-tax Act, 1961, the receipt of movable or immovable property from a ‘relative’ would be considered a gift and not be subject to income tax in the hands of the recipient. Since the grandparent would fall under the ambit of the definition of a ‘relative’, any assets transferred from them would not be chargeable to tax.

kavksatyanarayana (Expert) 28 December 2023
Income Tax on Gift deed: Consequently, the gift of any asset (movable or immovable) made to certain specified relatives is fully exempt from tax in the hand of the recipient without any upper limit.

T. Kalaiselvan, Advocate (Expert) 29 December 2023
Since it is your own and absolute property, you have full rights to dispose your property in any manner and to anyone of your choice.
The proposed transfer of property by executing a registered gift deed in favor of your grandson will not attract income tax even LTCG.

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