17 January 2009
We have a house wherein the holding was in ratio of 60:20:20, wherein my grandfather had 60% stake and remaining 20 % held by his 2 sons. He now gifted 30% to each of the son making the current holding 50:50 for both the sons. we have paid the stamp duty, would there be income tax applicable as it a gift from father to son. a gift deed is made for the same. please suggest.
CAclubindia
