Gift Tax implications on Gift made to daughter?

We have a residential apartment registered in our name (me and my wife ) and wish to gift the same to our married daughter.

We shall, therefore, request you to let us know the tax implication our doing so will have both at our end and at the end of our daughter.

We shall also request you to guide us about the documents which would be required to be executed to gift the apartment.

4 Replies to “Gift Tax implications on Gift made to daughter?”

  1. Giving the apartment as a gift is probably a bad idea for a number of reasons. If you want to continue living in it for the rest of your life it would be better for her to inherit it. You should discuss your intentions with an attorney who handles estate planning to set up the transaction in a way the is most beneficial to both sides. The fees you pay will be money well spent and will buy you the peace of mind that things have been done right.

  2. As per Section 56(2)(vi) gift of any kind to relative is tax free.

    When your daughter sells the residential apartment she will incur LTCGs which are taxable.

    You can gift the residential apartment vide a Gift Deed. The same should be registered. Also, if the residential apartment is in a co-op hous soc, you may transfer the shares.

    Also the property can be mutated in your daughter’s name.


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