What action is to be taken for giving a flat costing Rs 30 lakhs by Sr Citizen to his Daughtre? Tax, Agreement

Question

In India, What type of document/agreement is necessary and what shall be gift tax and who has to pay, the Donor or donee?

Answer 1

he can give it to his daughter as a gift, by means of a gift letter. the daughter can get the flat registered in her name on the basis og the gift letter. But the stamp duty has to be paid as per the circle rates by the daughter. the registration has to be done in the registrars office ( of your area ) there are no taxes involved other than the registration charges.

Answer 2

Please move this post to the India section instead of the USA one.

Answer 3

If it related to India taxes, then post at Taxes -> India.

Meanwhile read:

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

About U.S. gift tax Read http://taxipay.blogspot.com/2008/03/us-g...