My mother has sold a property in Jan 2022 after owning it for 20 years. She is paying whatever LTCG is applicable on it on or before 28 feb 2022. After paying the due LTCG on the sale, she want to transfer the balance amount 50:50 ratio to his 2 sons. But her tax consultant is saying that she has to prepare 2 gift deeds for both sons otherwise both the sons will be charged tax by the income tax department. What is the correct way to perform this sharing?
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178215 Points)
Replied 07 February 2022
One gift deed on Rs. 100/- stamp paper with notarization. stating the amount of gift to each son, is sufficient.
Its safety for any query in future. Otherwise also there will not be any tax over the 50:50 sharing as the LTCG is already paid.
CA Sanchi Saraf, Nagpur(India)
(Chartered Accountant)
(48 Points)
Replied 07 February 2022
Where a gift of cash is received by a daughter/son from a specified relative (i.e. father or mother), the transaction of gift itself will not give rise to any income tax implications in the hands of the donor or the receiver. So yes you will have to get your mother prepare two gift deeds.
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