Gift Tax Procedure

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Guest

Guest (Querist)

02 October 2009 My mother wishes to gift her flat in Indore to me. I am an NRI and have never paid any taxes in India ever before nor have any income from there. If in fact my mother gifts this flat to me, what sort of tax implications would I have -if any?? Do I have to pay any gift tax ? if so w hat % of value and who is this to be paid to? Let me clarify, this is a brand new flat for which the possesion is yet to be taken in next few motnhs and then regitartion done. I am very confused. Pls. help clarify to gucciraja @ yahoo.com

Kamini Chopra

Ratan Sharma

Ratan Sharma (Expert)
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03 October 2009 There is no Gift Tax in India at present. Gift from the relative is not chargeable to tax. Therefore there will be no tax implications either on you or on your mother.