Regarding tax

Dinesh (Querist) 10 December 2014 This query is : Resolved
Hello Experts,

I have the following query:

My aunt ie. my Mama's wife(My Mama is no more)wishes to buy me a flat. If she gives it to me as a gift , will I have to pay a gift tax and if yes at what rate.

My mom,ie., mama's sister, is also no more.

Thanking you in Advance for your Valuable Time and Advise.

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P. Venu (Expert) 11 December 2014
Gift of immovable property needs to be registered and it involves payment of stamp duty as prevalent in the State.

Rajendra K Goyal (Expert) 11 December 2014
Gift tax is free in case of relatives:

Following is the list of relations which are considered as “relatives” for this

Your spouse
Your brother or sister
Brother or sister of your spouse
Brother or sister of either of your parents
Any of your lineal ascendants or descendants
Any lineal ascendant or descendant of your spouse
Spouse of the persons referred in above points

Dr J C Vashista (Expert) 12 December 2014
Very well advised by experts, I agree and nothing more to add.

Guest (Expert) 12 December 2014
Your Query well attended by Doctors Also

Anirudh (Expert) 12 December 2014
Dr. Vashista is a Ph.D., MBA, LL.B., M.A., B.Com and as such he is highly competent to attend to any query. (He is not a medical Doctor).

Guest (Expert) 12 December 2014
What about Anonymous?

Anirudh (Expert) 12 December 2014
That's your misconception that one who does not provide profile is an 'anonymous'.

But it is better to be anonymous than to be a third degree FRAUDSTER by providing false and fradulent profile.

malipeddi jaggarao (Expert) 13 December 2014
Experts Mr.Venu and Mr.Rajendra K goyal guided properly.

T. Kalaiselvan, Advocate (Expert) 15 December 2014
Tax will not be attracted to gift deeds. I agree with expert Mr. Goyal.

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