I would like to know more information on the gift tax. If a property is on a mothers name & she wants to son ?

Question

Hi,

I would like to know more information on the gift tax.

If a property is on a mothers name & she wants to give it to his son.

Can it be given as a gift to the son.

Answer 1

There is no gift tax in India for gifts from relatives. So a mother can give any amount to her son.

Read about gift tax in India http://mytaxes.in/index.php?topic=19.0

Answer 2

yes, but you will have to pay gift tax on it as well as property tax. the easyest way around it is to have her sell it to her son for $1 this way he won't have to pay the gift tax on it. property tax is unavoidable

Answer 3

no gift tax for a gift from mother to son, or in other words, from a blood relative to another blood relatives.  had u written in your question that u are from India, two americans would not have given their irrelavent replies.,

Answer 4

no tax what so ever ,one thing you should clear in mind giift in kind to any body is not taxable in the hands both the parties

read more details in the link

http://simpletaxindia.blogspot.com/2007/...

Answer 5

the mother can deed the property to the son; however, the total value needs to be ascertained.  I think the limit per year is around $16,000.00 per child.  To avoid a potential tax problem, you might need to deed a 1/2 interest for example, during one year, and then deed the other l/2 interest the next year.