Gift of Residential apartment in place of Will
I want to gift my flat at Kolkata to my two sons so as enable them to live there without any hassle after my death. If I make a Will there are lot of problems and harassment to get the probate and subsequent registration of the flat.Can I get some expert opinion about it viz legal side ,registration etc Moreover any tax implication are there for it. more
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Thank's all my members for their valued suggestion .From these suggestions I shall take a suggestion for my execution .Thank you so much more
Sep 27
Advisable also to make clear about the very purpose so to avoid any unwarranted problems. more
Sep 27
5. Exemption in respect of certain gifts. (1) Gift-tax shall not be charged under this Act in respect of gifts made by any person- (vii) to any relative dependent upon him for support and maintenance, on the occasion of the marriage of the relative, subject to a maximum of rupees 73[one hundred] thousand in value in respect of the marriage of each such relative ; (viii) 74 [***] (ix ) 75[***] (x ) under a will ; (xi ) in contemplation of death ; (xii) for the education of his children, to the extent to which the gifts are proved to the satisfaction of the 76[Assessing Officer] as being reasonable having regard to the circumstances of the case ; (xiii) being an employer, to any employee by way of bonus, gratuity or pension or to the dependants of a deceased employee, to the extent to which the payment of such bonus, gratuity or pension is proved to the satisfaction of the 76[Assessing Officer] as being reasonable having regard to the circumstances of the case and is made solely in recognition of the services rendered by the employee ; (xiv) 77 [***] 78[( xv) to any person in charge of any such Bhoodan or Sampattidan movement as the Central Government may, by notification in the Official Gazette, specify. (xvi) 79 [***] 80 [(1A) Any reference in clause (v) 81 [***] of sub-section (1) to charitable purpose in relation to a gift made on or after the 1st day of April, 1964, shall be construed as not including a purpose the whole or substantially the whole of which is of a religious nature.] (2) Without prejudice to the provisions contained in sub-section (1), gift-tax shall not be charged under this Act in respect of gifts made by any person during the previous year, subject to a maximum of rupees 82[thirty] thousand in value. more
Sep 27
Subrata Ghoshal ji, If your flat is in your name, and its Share Certificate is transferred in your name by the Co-operative Housing Society or Apartment Association or Public Limited Company of the building in which you have your flat is located, then by a "Gift Deed", you can gift your flat in your two Sons' names. Stamp duty and registration charges, as prevailing in your State will apply. There is no fear of any income tax or gift tax, in this transfer work of your flat in your sons' name. However, I suggest, that you make Gift Deed of your flat, gifting 50% value (right) of the flat to your two sons, and put a clause in it, that another 50%, which is retained by you, will go to your sons, in equal propertion, after the death of you and your wife. This type of Gift Deed will give you and your wife, some security of your house, during your life time. For any difficulties, kindly Email your queries to Legal Resource Centre (lrc) of Moneylife Foundation, an NGO from Mumbai, on its Email ID : lrc.moneylife.in to get you legal help in this respect, free of charge, on your Email ID. more
Sep 26
You can gift Flat (duly registered in your name in Govt records like registry office; it must have a mutation in your name) without attracting Gift Tax;Capital Gain Tax. But you have to get it registered in your son name at registry office and you have to pay stamp duty at prevailing rate on present circle rate. more
Sep 26
