Question ID :
29608
Transfer of property
Three Ladies, joint owners of a commercial property 13 share each have gifted their shares to there husbands( who are brothers)and property has been transferred to their husbands. After a week two brothers out of three surrender their share in favour of third brother who has become owner of whole property.
Indirectly two ladies in question have transferred their shares to their brother in law. Whether this can invite problem from Tax authorities? Further whether any gift deed is also required?
Posted by
Mahesh Kumar
on
Apr 29, 2018
Filed Under
DIRECT TAXES
Brother or sister of the spouse of the individual covered under relative definition. No problem
Posted by
VINAY BHARGAV KUMAR G on
Apr 30, 2018
Answer ID :
65586
Transfer from ladies to their husbands and the subsequent transfer among brothers need deeds being transfer of immovable property.
Posted by
B.CHACKRAPANI WARRIER on
Apr 30, 2018
Answer ID :
65590
covered in the definition of the relatives and no tax liability. The gift is required to authenticate the transaction.
Posted by
CA. SATISH CHAND GARG on
May 02, 2018