Transfer of Property from mother

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

asked Aug 25 '13 at 18:11 by Jothi 6117

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.

answered Aug 27 '13 at 23:54 by Pankaj Batra 5.2k320


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Asked: Aug 25 '13 at 18:11

Seen: 1,546 times

Last updated: Aug 27 '13 at 23:54