Want to Gift back 40 lacs to sisters daughter – What are tax implications ?

POSTED BY ramareddykarri ON September 25, 2014 7:35 pm NO COMMENTS

I received a gift of 6oo Sq yards urban land from my sister 20 years ago. The  value of that property then was Rs 3 Lakhs, but the present market value is Rs. 80 Lakhs. Now I wish to gift shares worth Rs 40 Lakhs and other liquid assets like gold and cash worth Rs. 40 Lakhs to my niece  (the same sister’s daughter), perhaps as a quid pro quo. What are the tax implications and what are the precautions required to be taken?

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