Tax implication

Querist : Anonymous (Querist) 17 August 2011 This query is : Resolved
I and my father are co-owners of a residential plot at Hyderabad which we gave it for development and is almost complete. Now my father wants to give his share of constructed flats along with the undivided share to me without any monetary consideration. What are the tax implications of transfering his share to me through release deed or gift deed. Kindly advise me.

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A V Vishal (Expert) 17 August 2011
Gifting his share of property will not attract any tax to either you or to him, however he is bound to attract capital gains as a co-owner of the development property. In absence of full details no further implications can be advised

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