If my father gives me gift his property do i have to pay any tax?

Question

my father is 65 years old he is think to gift a land owned by him or by way of will, so if i get the property by way of gift do i have to pay tax if yes how much, and if i get the property by way of will than what happens if tax how much tax

Answer 1

There is no gift tax if gift is from father to son or daughter.

Also, there is no inheritance tax in India. If you receive any amount as inheritance, you don't pay any gift.

Read this

http://mytaxes.in/index.php?topic=19.0

Answer 2

it would depend also on how much the property is worth and where you live. you don't sound like you live in the u.s.

Answer 3

Yes, you will pay property tax as any other home owner. How much? depends on much the home is worth and location.

Answer 4

see an estate lawyer  the  fee will  pay  for  itself  in  savings

Answer 5

You will pay a gift tax of a percentage of the value of the house. It is better for him to sell it to you (if he owns it) for a dollar. That you you will pay taxes on the dollar. (you can go more realistically like $25,000, or how ever you want.) Point is, you will be paying a lot in taxes if the house is of high value.

Answer 6

For Both Q's, open a trust and gift to that trust each year the maximum required, to avoid gift duty (tax) Trust have many benefits and protection too

Answer 7

the receiver of gifts never has to pay anything - the giver pays gift tax if the value is over the 12,000 annual limit (24,000 if still married) - plus if the gift is given too close to his death (2 yrs?), it might get included in the value of the estate and whacked by inheritance tax

Answer 8

Of course you do.  The government wrote that into the scam-every-American-out-of-every-last cent clause wayyyy back when American stopped caring about freedom.