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?


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Answered on November 09, 2017
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  • 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.
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