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GIFT TAX

Querist : Anonymous (Querist) 11 June 2011 This query is : Open 
Hi:
My son-in-law and daughter, who are persons of Indian Origin, have become U.S. Citizens.

They jointly own a residential flat in Mumbai, i.e. the sales aggreements are in both of their names.

They want to gift the above Flat to my wife, i.e. mother-in-law of first holder and mother of joint hol.der.

Please advise whether this is possible without attracting gift tax.

However, if gift tax is applicable in the above case, please advise whether the above flat can be jointly gifted to mother of fikrst hol.der and mother of joint holder without attracting gift tax.

Regards,

KRISHNAN
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