Sir, I want to gift the house (in my name) to my wife & want to purchase 2 nd house on loan. This I want to do to avoid tax liabilities arises due to 2 house. Pl advise the best possible way to gift the house.
Regards,
1 Answers
You need to get registered gift deed done for the property transfer. You will have to pay stamp duty for this sale.
There won't be any income tax liability arising for this transfer both for you and your wife.
Sir, Pl clear about stamp duty, I purchased land & constructed house on that land, cost was about Rs 450000 (Land)+ Rs 1150000 (Construction cost)=Total=1600000. So now I had to pay stamp duty on this Rs 16 Lac or on Rs 4.5 Lac or it will be different (i.e. lower) as I am gifting this property thru gift deed & not selling the house. Regards,
You would need to pay stamp duty on ongoing circle rate.
Circle rate would have two components, land price per sq yd and construction cost per sq feet.
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