If I want to gift my flat to my daughter, what are the legal implications regarding: 1. Title and how is this established, 2. Is gift tax leviable and when?
Answered on November 08, 2017
According to Section 56(2) of the Income Tax Act, the gift of flat received by your daughter shall be exempt, as it is a gift received from relative. On registering the gift deed the stamp duty and registration fees needs to be paid. There will be no gift tax on the said transaction.
