Son in law does not fall within definition of relative .hence gift received from father in law would attract tax
2) father in law should execute gift deed only in favour of daughter
3) it would attract concessional stamp duty
Apartment/Flat as gift to me and my wife jointly by father in law!
Tax on Gift given to me by my father in law? My father in law has an apartment/flat which he basically wants to transfer to me and my wife’s name jointly. 1) I would like to understand if this implies the gift is taxable in our hands? 2) can my father in law write the gift deed jointly in my wife’s and my name together in one deed? 3) under “ section 56 (2) of the IT Act of 1961 and Government, Local bodies and UDAs” does ‘son in law’ also called ‘relative’ so Stamp duty is 1% instead of 4% for son in law? 4) so for joint deed now, stamp duty is 1% + 1% = 2%? 1% for son in law and 1% for daughter? 5) what are the other charges for Hyderabad, Telangana? Info about myself. Me and my wife are married for 10 years now. And we have 2 kids.
Asked 3 years ago in Property Law
Religion: Hindu
5 Answers
Under Clause(v)with(vii) of the said provision daughter and her husband are exempted from any tax liability. Apart from stamp duty you need to need to pay registration charges percentage of 0.5 subject to minimum of 2000 and maximum of 25,000.
1. If the property has been transferred to your names by a gift deed, then it will not attract any tax either to the donor or to the donees.
The application stamp duty for registered gift deed has to be paid.
2. Yes. There is no legal infirmity in it.
3. The son in law do not come under blood relationship to the father in law hence the extent of property transferred to son in law by the proposed gift deed would attract the normal stamp duty.
4. The stamp duty for the share of son in law would be o n the higher side to that of the daughter by father.
5. You may enquire about the other incidental charges from the local document writer.
Dear client, any gift is taxable under the law and also it cab be given jointly to two persons.
Yes gift is taxable in your hands given by FIL.
No he is not an immediate relative
