Milind Kulkarni (CA Practice ) (84 Points)
05 February 2019A lady known to me wants to gift her residential flat to her married daughter. Kindly inform:
1. What process should be followed to complete the legal formalities;
2. Whether there is any tax implication in the gift process?
Thanks in advance.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 06 February 2019
1. Registered Gift deed.
2. No, as gift received from mother(relative).
Milind Kulkarni
(CA Practice )
(84 Points)
Replied 09 February 2019
In the above example, if the married daughter has settled outside India (i.e., she is NRI) due to her husband's profession (not her profession), can she claim the gifted house in India as her self occupied house if it is not let out? Or does she have to pay income tax on notional rent?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 09 February 2019
One house can be claimed as SOP, no issue.
CAclubindia
