I am employed and an IT assesee.I also own a flat in my name.?My mother has a plot of land which she purchased in 1987 and would like to register it in my name.Kindly advise me the best way to proceed on this without having any tax liability.Also please inform me of the other precautions which I have to take in this regard whether to take it as gift or purchase or any other way
1 Answers
Plot should be transferred through a registered gift deed. Stamp duty would need to be paid for this and it varies from state to state (e.g. Its 5% of value in Haryana)
There won't be any income tax payable on this gift transfer.
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