23 September 2009
We are NRI's residing in USA. My mother-in-law wishes to gift a flat in UP to my wife. What sort of wealth tax or other tax complications this may have/create on us.FYI, we have no other income in India nor have paid any taxes ever in India as we have been living here for many decades. Would appreciate one of your bright people answering this query.
Will there be any benefit if she gifts this flat to our minor children? She has no issues gifiting it to me, my wife or our kids.
What to do to register this flat? Looking forward to your reply. God bless.
23 September 2009
Hi, With respect to your query on Wealth tax, there are no tax implications as long as there is only one residential property in India. The acquisition can be also by way of GIFT. Please see the following link to get more info: http://www.accommodationtimes.com/legal/nri-fema/investment-in-immovable-property-and-tax-planning-for-nris/
CAclubindia
