Transfer of immovable property

Others 586 views 3 replies

shivani garg

individual

34 Points Joined July 2012

hi friends, plz give me urgent solution: A father has two sons and he purchased an immovable property in 1995 to the name of his elder son when his younger son is just 7 years old, now my query is; 1- have the younger son any right in that property? 2- what if the elder son transfer that property as a gift in the name of his younger brother and what is the transfer procedure also the income tax applicability under income tax Act? 3- in future if father will not alive then can younger son claim in that property under family settlement?

Replies (3)

Ankit

CA CS

3064 Points Joined June 2009

Shivani,

1. According to me, since the property is registered in the name of the elder son, the youger one does not have any direct right in the property, unless the terms of purchase has a specific mention of the fact that the property belongs to both the sons, but due to the procedural issues, only the name of the elder one is included.

2. no tax will apply since a gift from a relative is exempt.

- Ankit