Transfer of Property

This query is : Resolved

Nazir (Querist)
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01 September 2010 Hi,

I am giving one transaction below, can you please explain me what will be the tax implications?

1) If a NRI whose mother have a property in her name in India, if she transfer that property to his name what will be the tax implication?

as well.

2) If anything unfortunate happen to his mother and property get automatically transfer to his name (because he is the only son) what will be the tax implication?

waiting for your valuable advice.

Regards,
Nazir

CA PRAMOD SARAOGI

CA PRAMOD SARAOGI (Expert)
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03 September 2010 If the property is transferred in the name of his son then capital gain liability would arise in the hands of mother.
But if the property is transferred in the name of son by way of will then the transaction would not be regarded as transfer thus would not be liable to Capital Gain Tax.

Alternatively , mother may gift the property to her son, this tax planning will not attract Capital Gain tax . However, stamp duty may be levied by the state Govt upon such trabsfer by way of gift