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Anil Pal (NA)     01 May 2012

Gift

 

My father owned a apartment in Mumbai. He expired 2 years back and the share certificates of the said apartment were transferred to my mothers name.

 

Now my mother wants to gift the property to me. I have a younger brother and he has no objection to this transfer.

 

I will be later selling this apartment to buy another apartment in Mumbai.

 

Can you tell the procedure for this and will there be any taxes involved in this transaction.

 

 

Thanks,

 



Learning

 1 Replies

RAJIV BHASIN (ADVOCATE) (Bhasin Legal Consultants(SOLICITORS & ADVOCATES) bhasin.laws@yahoo.com 9811210505)     01 May 2012

Dear Anil,

 

Simply you have to get the Gift deed drafted from Good lawyer so that no complication arise in future and get it registered. on other part you have to pay tax on Gift as per income tax act.

 

Regards
 

Rajiv Bhasin

Advocate

9811210505 / 9868635640


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