Dear All,
My father is a registered GPA holder of a BDA property and he wants to gift the same to myself and my sister. Is it possible for him to gift the property by paying gift tax? if not, what best can be done? Pls explain
Thanks
vani Sreenath (Manager Accounts) 03 May 2011
Dear All,
My father is a registered GPA holder of a BDA property and he wants to gift the same to myself and my sister. Is it possible for him to gift the property by paying gift tax? if not, what best can be done? Pls explain
Thanks
Bhawani Mahapatra (Law Officer) 03 May 2011
Dear Vani
Your father can gift you only if the GPA specifically empowers your father to make gift, otherwise not.
vani Sreenath (Manager Accounts) 03 May 2011
Thanks Mr.Mahapatra for your reply
One of the general point in GPA says that " And generally to do all acts deeds and things that are necessary for the purpose aforesaid fully and effectually in allrespets as i could do the same by myself"
can the gift deed be done based on this point?
AAK (Advocate) 05 May 2011
its very difficult to advice without going through with that GPA. Out of context words can be interepreted in any way. so its difficult to advice. General rule is the GPA should be clear about what are all task GPA holder can do..
vani Sreenath (Manager Accounts) 05 May 2011
Thanks for the reply, Mr.Ajit.
MANOJ SATAPATHY (LEGAL MANAGER) 05 May 2011
Dear Vani,
As an attorney holder your father can very well execute the Gift Deed vide GPA if the GPA specifically mentions about that particular piece of BDA property. Futher as per the clause mentioned by you, it ratifies the act done by your father by the Executant of the GPA. So you can go ahead.