Laxmi Mittal (Practice) (188 Points)
01 April 2011GIFT OF IMMOVABE PROPERTY
Is it possible as per Income Tax , if one wants to give as gift of an immovable property to “Relative” by way of ‘Gift Deed’ without transferring property , as it will involve stamping , registration charges etc.
CA Laxmi Mittal
Harsha
(Financial Accountant)
(60 Points)
Replied 01 April 2011
No I donot think it is possible.
Since gift of immoveable property requires registration you need to pay stamp duty, however the stamp duty and registration doesnot exceeds Rs 1000 in case of a gift to relative. The stamp duty differs from state to state, in case of gift of money the gift deed can be drawn on a plain white paper stating and confirming the gift to your Relative and it is not taxable
CA Shiv
(Business Controller)
(2987 Points)
Replied 01 April 2011
no. its not possible....
Does the relative will take gift without the transfer of property in his name?
Have to transfer the property.. show value the least....
CAclubindia
