Mutual gift between relatives
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2019
SIR
I HAVE A FLAT ON NAME OF JOINT NAME OF ME AND MY WIFE. MY WIFE WANTS TO GIFT IT TO HER SISTER.
IN TURN SHE WANTS TO GIFT AN AMOUNT OF RS 7500000 TO HER AND IN TRUN SHE WILL REGISTER A NEW FLAT ON OUR NAME (ME AND MY WIFE)
PLEASE INFORM ME ABOUT THE TAX IMPLECATIONS AND THE PAPERS REQUIRED FOR GIFT TO BE TREATED AS GIFT FROM BLOOD RELATION.
THANKS
I HAVE A FLAT ON NAME OF JOINT NAME OF ME AND MY WIFE. MY WIFE WANTS TO GIFT IT TO HER SISTER.
IN TURN SHE WANTS TO GIFT AN AMOUNT OF RS 7500000 TO HER AND IN TRUN SHE WILL REGISTER A NEW FLAT ON OUR NAME (ME AND MY WIFE)
PLEASE INFORM ME ABOUT THE TAX IMPLECATIONS AND THE PAPERS REQUIRED FOR GIFT TO BE TREATED AS GIFT FROM BLOOD RELATION.
THANKS
12 January 2019
No tax implications as it's gift to relative. If asked for you can produce any document to prove both are sisters.
14 January 2019
OK, but it can be interpreted as a 'tax planning for tax evasion' on the transfer of
immovable property.
immovable property.
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