7 replies on this article “Will Gift Tax rule apply if I want to gift my flat to mother and sister ?”

1. ashalanshu says:

   December 20, 2013 at 8:26 am

   Dear Captain, do it ASAP.

   Thanks

   Ashal

   Reply
2. captainfgd says:

   December 18, 2013 at 5:03 pm

   Thanks. Will make the gift through Cheque only. Am gifting to reduce my liability due to a divorce

   Reply
3. ashalanshu says:

   December 18, 2013 at 5:01 pm

   Dear Captain, why do you want to gift in cash? Please route your gift through banking transaction be it cheque or netbanking.

   Thanks

   Ashal

   Reply
4. captainfgd says:

   December 18, 2013 at 4:42 pm

   Dear Manish,
   Thanks for your reply.

   Reply
5. captainfgd says:

   December 18, 2013 at 2:44 pm

   Thanks for your reply.

   Can you also confirm if a gift of cash made to my mother,father or sister will lead to any additional Income Tax Liability on the donnee(mother,father or sister )

   Thanks

   Reply
   1. Manish Chauhan says:

      December 18, 2013 at 3:57 pm

      No , you can gift them any amount and it will not be taxed in their hands

      Reply
6. ashalanshu says:

   December 18, 2013 at 9:14 am

   Dear Captain, gifting your properties to your mother or sister ‘ll not involve any gift tax. Yes you w’d have to reregister these properties in the respective names and for that you w’d have to pay stamp duty as per rates there on for the same.

   You can gift any amount to your mother and sister, no tax liability on them to receive the money from you.

   Please prepare gift deeds for all the gifts.

   Thanks

   Ashal

   Reply

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