Gift is Taxable....
Ramesh
(Querist) 09 July 2009
This query is : Resolved
Dear friends,
A person gets Property through Will.Can
he transfer this property to a person whom
he had given in Adoption? If so,what are
the options open to him? If he gives as a Gift;
will this attracts any Tax or Stamp
duty.If taxable, can he Gift this Property
to Other person in the Family.
(He is Alive and wants to transfer the
property to avoid the pressure from the
family from Whom the property,came to him
through WILL.)
With regards...
sanjeev murthy desai
(Expert) 09 July 2009
Dear Ramesh
Yes Off course he can gift his property to person who had given adoption. But Donee has to pay the stamp duty at the rate of conveyance. And with in the family members in karnataka the stamp duty 1000 rs only. But Doner and donee are not with in the family they have to be pay the full stamp duty.
He can transfer his property with in the family through GIFT to his wife, son, daguther, mother, father and etc..
sanjeev murthy desai
(Expert) 09 July 2009
Adoptive person does not treated as a son to his natural father as per law he treated as other person to his natural father. When adoption will happen that son has to be release his birth rights of his natural parents.
sanjeev desai
Uma parameswaran
(Expert) 09 July 2009
He will get complete right over the bequeathed property only after the death of the testator.Apply for Probate to avoid future claim over the property by any legal heirs.
Ramesh
(Querist) 09 July 2009
Dear Friends,
Thank you all for the reply.
But the family hails from Andhra Pradesh.As Mr.
Sanjeev desai said,transferring the property to his
Siblings will be Absolute,I mean will this create any
problem from the Family from where this property had
Come to the Donor.
How to make the the Transfer of property, pool proof?
With regards...
sanjeev murthy desai
(Expert) 13 July 2009
Dear Ramesh,
Doner before gifted his property to his family members, please issue the paper publication in the news paper to call for any objections of title acquired thorugh the will. If you not recieved any objections, then you can make gift deed in favour of yours family members.