Jagatheesan (not applicable) (30 Points)
11 July 2011Hi
I am owning two houses earned by my salary. I am having three children. Now I want to gift the two houses to my children and to my wife during my lifetime. How to do it? Will it attract tax on the benefitors? Without any tax burden on them how to do? IS it possible? If you answer my questions I will be much grateful to you
Jagatheesan
valji
(Accounts manager-MBA)
(2150 Points)
Replied 11 July 2011
you can do it not attacking any tax liablity , normaly on RS 100 stamp paper
also check view of others
Sunshine
(Helping All)
(10575 Points)
Replied 11 July 2011
gift tax is now abolished...and gift to relatives is not liable to taxes as per the IT Act u/s 56(2)...so u can proceed with it wothout hesitation
CAclubindia
