is gift made to stranger is a valid ?
raghavendra
(Querist) 24 May 2013
This query is : Resolved
sir..
since last 40 years my uncle family is residing in house measuring 750 sq ft. house is in the name of my uncle he only paying the tax to muncipality.but land is in the name of some other person..land value is 175000/- . now can that land owner register the land to on my uncle name by way of gift or any other suitable way..kindly suggest
thanking uyou
raghavendra
(Querist) 24 May 2013
now land owner is ready to register the land on my uncle name without consideration
ashutosh mishra
(Expert) 24 May 2013
A gift is the transaction that initiates out of natural love and affection which may subsists in any two individuals acquainted to each other.It is not neceessary that gift
can be made only to those who are related by blood only.
So what is required that recitals in the deed of Gift should be speaking about the pleasure donor has from donee as consideration of gift,may be even any service rendered in past or present.
So all rests on how masterly the deed is drafted taking note of all facts and circumstances.
Guest
(Expert) 24 May 2013
Your query does not relate to property law. However, under income tax law, any gift received from a non-relatives can be exempt from tax only up to maximum of Rs.50000 for a financial year. If your uncle receives the property as gift worth Rs.1,75,000/- that being more than Rs.50000, he would be liable to pay the tax in excess of the limit of Rs.50,000. Besides, due stamp duty for registration of the property, as gift, would also have to be paid, as may be applicable in the state where the property is situated.
V R SHROFF
(Expert) 24 May 2013
Self earned can be gifted, subject to Regn fees, stamp duty & taxes etc.
R.K Nanda
(Expert) 24 May 2013
yes, he can do it.
Dr J C Vashista
(Expert) 26 May 2013
There is no bar on donating/gift to any one subject to acceptance by donee. However, tax law is a seperate issue.
