Narasimhan (Retd bank emplyee) 22 April 2025
Namaskaram
I have a plot of 2400 sq ft which being a corner plot, would like to give 1200 sq.ft to my wife or son. I am aware of Income tax stipulations on gifted properties, if sold by the recipient.
Kindly advise on which deed is to be executed ? I heard about partitioning deed, settlement deed, release deed. Which document will be the correct one?
Kindly help.
Thanks
Narasimhan
kavksatyanarayana (subregistrar/supdt.(retired)) 22 April 2025
Only the Gift deed and no other goes. But gift tax shall be paid. However, consult a local CA.
T. Kalaiselvan, Advocate (Advocate) 22 April 2025
You can transfer the desired portion of property to the person of your choice by executing a registered gift deed.
Dr. J C Vashista (Advocate ) 23 April 2025
Gift deed is the only option, however, it would attract income tax.
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