31 December 2012
If we gift an immovable property to our cousin brother (i.e our father's real brother's son)is that too exempt or only gift from our father's son (i.e our real brother exempt)?
01 January 2013
A. If you really want to GIVE immovable property to your Cousin, it can work in the following manner- 1. First Gift the Property to your uncle. 2. He then , will give to his son. . 2. If the Stamp Value of the property, if taken as sales consideration and does not result into significant capital gains, Charge Re. 1 consideration from your cousin and sale it to him. .
02 January 2013
But Sir, As this involved 2 tranfer then the cost to tranfer would be very high then. At each level stamp duty is to be paid. Pls through some light on this.
05 January 2013
Dear CA Paras Bafna Sir & CA Anand, Though I completely agree with your above suggestion but i wish to know the legal section backing up that cousins are not covered under the defination of brothers as reffered to in the meaning of relatives under the exemption list given u/s 56(2)(vi) of incometax act 1961. thanks in advance
CAclubindia
