04 December 2015
I have per chased property in the joint name with my son.I want to transfer this property as gift through registered deed in the name of my son. My son is NRI and is citizen of U K . Will there be any income tax issues. The cost of property will be more than 30lacs.
05 December 2015
Gift is not within the meaning of transfer u/s 47 of the IT Act, 1961. Hence, no income tax issues. Since, he is UK citizen, you need to check the compliance of FEMA, as the transaction involved is immovable property in India.
07 December 2015
There is a general permission from RBI for acquisition of residential and commercial properties by NRIs. However, there is a restriction on NRIs to purchase agricultural land.
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