26 November 2012
Dear Sir, We have a flat in Mumbai where I am the Co-owner while my younger brother is the Primary owner. Now we want to mutually transfer this flat in our Mothers name. Kindly let us know what is the procedure for the same and what will be Tax implication, Stamp Duty, Registration costs involved if any in this situation.
26 November 2012
I understand that this transfer involves no consideration and you brothers are gifting the flat to your mothers. No Capital Gain tax implication in your hands. No tax implication in your mother's hand, since flat gifted by sons. If your mother sales the same in future, she would have to pay the Capital Gain. The period of holding shall be calculated by considering the period for which you held the flat and the indexation shall be done w.e.f the date when you bought the flat. Stamp Duty & Registration are separate issues and has to be checked with a local advocate engaged in property registrations.
CAclubindia
