Property transfer

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2015 I had purchased property for my cousin in my name due to loan facility. Now loan is cleared and I have to transfer this property. Can I transfer it as Gift?? Income tax implication on the same.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 July 2015 first take bank's permission..then you can gift...stamp duty will have to be paid...

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2015 Since there is no outstanding amount of loan, do I still have to take permission from Bank???. Also is it better to sell the property to cousin by paying Stamp Duty and Registration or should I gift it, what should be a better option.

Income tax implications ???

Can somebody explain in details please.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 July 2015 i am really sorry. i misread the original query. Yes, now that loan is no more there, you are at liberty to decide what to do with this property. If you want to gift, then first check whether you and he are covered under definition of Relative under section 56. If not covered, then sell.