FOR IMMOVABLE PROPERTY TAX ON GIFT DEED MADE IN VADODARA GUJARAT

[PARESH THAKKAR]

IF A FATHER LIKES TO GIVE GIFT OF IMMOVABLE PROPERTY TO HIS ONE OF THE SON OUT OF THREE SONS, WHAT WILL BE TAX LIABILITY ON DONER OR DONEE (FATHER OR TO A SON WHO RECEIVES GIFT OF IMMOVABLE PROPERTY) IN VADODARA GUJARAT STATE. PLEASE REPLY

THANKS SIR.

AI Summary

Father's Gift of Property to Son: No Tax if 'Relative'; Gift Deed Registration Required; Tax Applies if Value Exceeds 50K A query was raised regarding the tax implications of a father gifting immovable property to one of his three sons in Vadodara, Gujarat. The response clarified that if the recipient is considered a 'relative,' no tax is payable on the gift. However, the gift deed must be registered according to state laws. There is no tax liability for the donor. If the recipient does not qualify as a 'relative,' they are liable to pay tax if the property's value exceeds 50,000.