Tax on Gift of Property to Son

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  1. K.G. NANDAGOPAL

    K.G. NANDAGOPAL New Member

    Sirs,

    I have a flat purchased in Chennai out of a Bank loan with present outstanding or rs. 15 lacs; The present value of the flat would be Rs. 60 lacs.. I want this flat to be gifted to my Son. My query is:
    (1) Can I gift it to my Son after paying the Bank loan in full?;
    (2) Does it require any Gift tax payment?
    (3) What is the Stamp duty and registration charges applicable for registering the Gift Deed in Chennai (Tamil Nadu)?

    Thanks
    Regards,
    Nandagopal
     
    1. Yes, you can gift the Property at any time to your son. You can gift it before or after repayment of Loan
    2. No Tax is levied on Gifts made by father to son
     
  2. K.G. NANDAGOPAL

    K.G. NANDAGOPAL New Member

    Thank you for your prompt response.

    Regards,
    Nandagopal
     
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