When a flat is gifted to a daughter what are the legal implications regarding: i) Title- and how is this established. ii) Gift tax- is it leviable and if so when?
If one has gifted a flat to his daughter one should have the gift deed drawn out which should be witnessed by two persons. In case of both the donor and the donee it is preferable to register the said gift deed even if the flat is in a co-operative society. Stamp duty would have to be paid on the gift deed which would be the same as in case of the sale of a flat. However, there is no gift tax applicable. The gift deed would be the title document indicating the gift to the daughter along with the share certificate if it is in a co-operative society.
Ans. If one has gifted a flat to his daughter one should have the gift deed drawn out which should be witnessed by two persons. In case of both the donor and the donee it is preferable to register the said gift deed even if the flat is in a co-operative society. Stamp duty would have to be paid on the gift deed which would be the same as in case of the sale of a flat. However, there is no gift tax applicable. The gift deed would be the title document indicating the gift to the daughter along with the share certificate if it is in a co-operative society.
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