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

Gift between relatives tax exemption: no donor tax; non-relatives may face tax on high-value immovable gifts.
Gifts of immovable property from a father to a son are exempt from gift tax if the donee qualifies as a relative; the gift deed must be registered under State law. There is no donor tax liability. If the recipient is not a relative, the donee may be liable to tax where the gift's value exceeds the applicable exemption threshold.