There is a house that is in the name of an individual but he has given the house to his married sister who currently stays in that house along with her family(as i mentioned earlier property is still in the name of the individual). Now the brother intends to officially gift the house to the sister on the occasion of his sister's daughter's wedding as a gift.(intention to give the property to the sister not to the sister's daughter). As the occasion of one's daughter's marriage wont exempt the sister from Gift Tax, my query is can any tax planning be done in this case to avoid or minimize the amount of gift tax payable.
07 July 2014
gift received on the wedding are exempt so the individual can gift the property to his neice.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
07 July 2014
He doesnt intend to give the property to his neice he wants to officially give the property to his sister. Is any tax planning possible in this case?
07 July 2014
he can make gift deed in his sister name and give the property to his sister.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
08 July 2014
thank you experts i was focusing on the marriage of the niece and i forgot that gift from relatives is exempt so the sister wont bear any tax liability.