Gift of immoveable property
This query is : Resolved
15 November 2017
Can a person gift land to his grand son under a will ?
Also whether the grand son can in turn gift the same land to his uncle ?
what will be tax implicationa ?
Also whether the grand son can in turn gift the same land to his uncle ?
what will be tax implicationa ?
17 November 2017
gift and will are two different things. while a gift can be effective immediately on conveyance will takes effect only after death of testator.
A person can both gift and will to his grandson.
A person can receive gift of any kind and of any amount (not exceeding Rs 2 lakh if in cash) from uncle but vice versa is not true i.e. uncle cannot receive gift from his nephew/neice as he or she will not be covered under 'relative' and value of immovable property exceeding Rs 50000/- will be taxed in the hands of recipeint.
A person can both gift and will to his grandson.
A person can receive gift of any kind and of any amount (not exceeding Rs 2 lakh if in cash) from uncle but vice versa is not true i.e. uncle cannot receive gift from his nephew/neice as he or she will not be covered under 'relative' and value of immovable property exceeding Rs 50000/- will be taxed in the hands of recipeint.
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