Gift Tax

Querist : Anonymous (Querist) 07 January 2010 This query is : Resolved
Dear Sir/Madam

1. Is there a cap on immoveable property gifts made to relatives?
If yes then at what rate gift tax is levied?

2. What is the definition of relative?
Does a sister or brother fall under the category of relative under gift tax?

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A V Vishal (Expert) 07 January 2010
1. Is there a cap on immoveable property gifts made to relatives?
If yes then at what rate gift tax is levied?

Ans. No cap, rate of tax- N.A

2. What is the definition of relative?
Does a sister or brother fall under the category of relative under gift tax?

Ans.Relative Means
Spouse of the individual
Brother or sister
Brother or sister of the spouse
Brother or sister of either of the parents of the individual
Any lineal ascendants or descendant of the individual
And lineal ascendant or descendant of the spouse
Spouse of the person referred to in (2) to (6)

Raj Kumar Makkad (Expert) 07 January 2010
1. No tax is payable in the given matter.

2. relative means connected with blood relation which even comprose brother and sister.

soumitra basu (Expert) 07 January 2010
I agree with Mr. Vishal

Querist : Anonymous (Querist) 07 January 2010
sir, that means if i gift any immoveable property(inherited frm my father) to my brother than it will not attract any gift tax?

what are the ways to gift that property?
please answer each way with its pros and cons.

Thanku

A V Vishal (Expert) 07 January 2010
sir, that means if i gift any immoveable property(inherited frm my father) to my brother than it will not attract any gift tax?

Ans.Absolutely No gift tax is attracted on the transaction.

what are the ways to gift that property?

Ans.By executing a gift deed and registering the same. It is the easiest, simplest and cheapest mode of transferring the immoveable property to your brother.

Querist : Anonymous (Querist) 07 January 2010
Thankyou very much sir for ur prompt reply...
one more ques i want to ask
A house is owned by me n my brother as it was left to us by our father..i want to gift my share of the house to my brother will it attract any stamp duty or any type of duty,registration charge by the state govt(Chhattisgarh).

A V Vishal (Expert) 08 January 2010
Yes, you need to pay stamp duty as applicable in your state.

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