Gifting property and then taking money as gift

Rudresha MV (Querist) 01 July 2014 This query is : Resolved
Hello,

Can I gift one property to my sister through the gift deed registration and then take the money as a GIFT, is this OK? Will it attract the property Gain tax, will it be considered as evading the Stamp duty?. Please help

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Devajyoti Barman (Expert) 02 July 2014
taxation query...

Rajendra K Goyal (Expert) 02 July 2014
you can show cash received in your IT return. Gift tax provisions are attracted, consult your tax consultant.

better go for sale deed.

Surrender K Singal (Expert) 02 July 2014
Both could be different transactions; She may gift to your grand children or other kins out of love and affection as you may be gifting to her; Regn stamp duty is applicable on Gift Deeds, too; Stamp Duty can be avoided only by Will;

malipeddi jaggarao (Expert) 02 July 2014
Gift deed has to be registered and the stamp duty has to be paid though it is lesser than the stamp duty for sale deed. As regards receiving cash as gift on special occasion prima facie it does not attract tax.

Surrender K Singal (Expert) 02 July 2014
Gift Tax provisions may be checked with reference to relation between the Donor and Donee ?

ajay sethi (Expert) 02 July 2014
we dont advise querist to evade taxes

Suhail A.Siddiqui (Expert) 02 July 2014
Since Both transactions are within the blood relative, there in gift tax attraction.

Sankaranarayanan (Expert) 02 July 2014
gift received from the specified relatives are exempted from the income tax and there is no upper limit

Surrender K Singal (Expert) 03 July 2014
So, you have to keep in mind opinions of SAS and SN while planning !

T. Kalaiselvan, Advocate (Expert) 04 July 2014
I too agree with the experts opinions, nothing more to add.

soumitra basu (Expert) 06 August 2014
there should be a time gap (minimum one financial year) between the Gift received in cash and gift of property.
There will no Gift Tax or no capital gain tax for either person

Anirudh (Expert) 06 August 2014
Dear Mr.Basu,
Can you please indicate the exact legal provisions according to which there should be a time gap and that too one year?

Surrender K Singal (Expert) 07 August 2014
That only implies to avoid cross linking within the same year

Guest (Expert) 07 August 2014
Good question! But what is the intention behind such gift exchange transactions?

Surrender K Singal (Expert) 19 August 2014
Never mind, Mr.PSD

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