Tax on Property received as Gift from Mother

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  1. Anand Mantha

    Anand Mantha Member

    My mother and me,are the joint owners of a flat,purchased in 2011.( Funds for the purchase were equally shared by us)Now, my mother wants to Gift ,her share of flat to me, by way of registered gift deed, without any consideration. Are there any tax implications for this gift, on eighter of us?
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Income Tax would not be levied in the above mentioned case as any amount received from specified relatives is exempted from the levy of any income tax.

    Mother has been specifically mentioned as a relative from whom any amount received would be exempted from the levy of any income tax
     
  3. Anand Mantha

    Anand Mantha Member

    Thank you Mr Batra. My confusion arose after seeing taxation on gifts,WITH consideration and WITHOUT consideration. This must apply to gifts from people other than the specified relatives.
     
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