• Gift deed

Sir, Can I make a gift deed in joint name for a property which is in my name so that capital gain can be divided between both
thanks
Stephen
Asked 7 years ago in Property Law
Religion: Christian

3 answers received in 30 minutes.

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16 Answers

Yes.you can make gift deed in favour of two persons further on gift you shall not be having a capital gain as it is gift without consideration but when the donee the persons receiving gift sell the property they can both take exemption.on capital gains.

Shubham Jhajharia
Advocate, Ahmedabad
25513 Answers
179 Consultations

Yes 50 lakh can be from sale of different properties the limit is for financial year.

Shubham Jhajharia
Advocate, Ahmedabad
25513 Answers
179 Consultations

You can make a gift deed for 2 persons.

Prashant Nayak
Advocate, Mumbai
34598 Answers
249 Consultations

1. You can gift certain undivided share in the property, by executing a registered Gift Deed. Cost of stamp duty between blood relatives is less expensive.

2. When once the gift deed is executed by the donor in favour of donee and the donee has to accept the offer of the gift.  

3.  By following the above procedure, both the Donor and the Donee become joint owner of the property.

4.  By this act, capital gain can be divided between joint owners of the property.

Shashidhar S. Sastry
Advocate, Bangalore
5625 Answers
339 Consultations

1) It can be measured as per Index rate for capital gain tax. You can invest in real estate or bond, need to calculate all property investment period.

Ganesh Kadam
Advocate, Pune
13008 Answers
267 Consultations

Dear Sir,

Please ask your above question on www.taxfull.com which is sister concern of www;kaanoon.com, where is experts will be Chartered Accounts.

Netravathi Kalaskar
Advocate, Bengaluru
4951 Answers
27 Consultations

You can execute gift deed for property standing in your name 

 

2)gift deed should be duly stamped and registered 

 

3) Date of acquisition by donor  is considered as the Date of Purchase. So, kindly note that the date or year of reeving the gift are of no importance in this calculation of capital gains on sale of gifted property 

Ajay Sethi
Advocate, Mumbai
99887 Answers
8152 Consultations

Dear Sir,

Yes, you can make Gift Deed in joint names who may divide capital gain according to ratio of Gift they receive.

Kishan Dutt Kalaskar
Advocate, Bangalore
6230 Answers
499 Consultations

Dear Client,

To save GST, property was to be purchased in joint ownership. Now Giff is of no help. One time/multiple investment in bonds that also within six months of sale.

Yogendra Singh Rajawat
Advocate, Jaipur
23085 Answers
31 Consultations

You can execute gift deed. 

After executed If the co-owned property is sold, each co-owner has to offer the capital gain as applicable on his/her share. 

 

Mohammed Mujeeb
Advocate, Hyderabad
19349 Answers
32 Consultations

1. yes can be done. Once gift deed is made and registered, you and the donee will become co-owners of the property and the sale proceeds received on its sale will be divided between you and the donee in proportion to respective shares of the parties and accordingly both parties will be liable for payment of capital gains tax in proportion to their share of sale proceeds received

2. it does not matter whether you have incurred capital gains from one property or multiple properties. The capital gains from whatever source needs to be invested in capital gains bonds of government within the stipulated period to save capital gains tax on the amount so invested. 

Yusuf Rampurawala
Advocate, Mumbai
7905 Answers
79 Consultations

  1. As per the information mentioned in the present query, makes it clear that you wish to gift a property, but not to one person, but in joint name to avoid any future dispute in distributing the long term capital gain.
  2. Yes, you can do that in fact, you can mention each and everything in your gift deed if you want to put may clause apart from joint ownership to give more biding and strength to the deed.
  3. I advice you to take the help of an expert for making the gift deed as this would only help, but never lost ever.

Sanjay Baniwal
Advocate, South Delhi
5477 Answers
13 Consultations

Yes you can 

Anilesh Tewari
Advocate, New Delhi
18103 Answers
377 Consultations

If you wish to gift the property 50% in favour of your wife or brother, sister, mother or father then yes you can go ahead and do it. But if you gift the property to any other person stated to above, it would attract the same stamp duty as conveyance. 

Kiran N. Murthy
Advocate, Bangalore
1298 Answers
194 Consultations

Yes you can execute a registered gift deed and transfer a portion of the property in your name in favor of the person of your choice which will make you both as joint owners of the property.

You both can avail capital gains tax exemption accordingly.

 

T Kalaiselvan
Advocate, Vellore
90087 Answers
2502 Consultations

To avail exemption you first have to sell the property and then deposit the capital gains into the chosen bonds.

But this facility may not be available for the sale of multiple properties.

Clarify from your auditor on further issues.

T Kalaiselvan
Advocate, Vellore
90087 Answers
2502 Consultations

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