ashutosh kumar (retired) (48 Points)
29 August 2024Dear Sir,
I have three daughters and also own aresidential house. My eldest daughter lives in one part of the house and remaining is on rent.
My eldest daughter says gift me the whole house and I will gift money equal to 1/4th share eqally to you and to my two sisters.
I want opinion form income tax point of wieq
Thanks
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177840 Points)
Replied 29 August 2024
As per Income tax act, all such transfers will be tax exempt, as the gifts from relatives are non-taxable u/s. 56(2) IT act.
jagdish chhugani
(engineer)
(1004 Points)
Replied 30 August 2024
BETTER YOU MAKE WILL AND LET THEM DEVIDE AFTER YOU.
appoint the sole executor of Will to do all that is necessary to administer and give full and complete effect to this Will as per YOUR wish.
TAX POINT OF VIEW
The stamp duty on gift deed in Maharashtra is 3% of the property’s value, as per Article 34 of the Maharashtra Stamp Act. However, if the property is gifted within the family (to husband, wife, son, daughter, grandson, grand-daughter, or wife of a deceased son), the stamp duty is Rs 200 for residential or agricultural properties. This amendment was introduced in 2017.
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