FOR IMMOVABLE PROPERTY TAX ON GIFT DEED MADE IN VADODARA GUJARAT, Income Tax

[PARESH THAKKAR]

IF A FATHER LIKES TO GIVE GIFT OF IMMOVABLE PROPERTY TO HIS ONE OF THE SON OUT OF THREE SONS, WHAT WILL BE TAX LIABILITY ON DONER OR DONEE (FATHER OR TO A SON WHO RECEIVES GIFT OF IMMOVABLE PROPERTY) IN VADODARA GUJARAT STATE. PLEASE REPLY

THANKS SIR.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

If the gift of immovable property is coming within the term of 'relative' no tax is payable. However the gift deed is to be registered as per the State laws. There is no tax liability on the part of the donor. If the donee is not coming within the term 'relative' he is liable to pay tax exceeding the amount ₹ 50,000/-.