Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 Won case against income tax department but still waiting for benefit? No more delay after an update in ITR portal
 Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details
 Income Tax Return: Miss THIS ITR filing deadline and you will be fined Rs 10000
 Tax contribution of petroleum sector set to drop rapidly in FY 2024-25
 Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty
 Tax regime shift: Is filing ITR under old regime still valid after default new regime?
 Income Tax Department Targets Bogus Refund Claims, Issues Notices To Taxpayers
 IT firms bullish on higher spending due to tax cuts
 How to calculate capital gains tax on sale of land?
 Don't fall for fake notices! How to verify your income tax communication
 I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?

You don’t have to pay tax if your brother gifts a property to you
March, 12th 2019

From an income-tax perspective, generally, the sale or relinquishment of your brother’s share of property to you would be a transaction subject to capital gains taxation rules. However, if the understanding between your brother and you is that you will pay no consideration (in any form) in exchange, this transaction may be regarded as a gift by your brother to you.

When an individual receives an immovable property as gift from a specified relative, including brother, the transaction does not give rise to tax implications in either your or your relative’s hands.

Generally, sale, relinquishment, gift or transfer of an immovable property, by any other mode, can be effected by a registered gift deed along with payment of applicable stamp duty, depending on the state in which the property is situated. However, you should seek legal opinion on appropriate documentation and clarify any queries from the stamp duty perspective.

In your case, given the facts, the onus of proving that the transfer of flat is a gift or irrevocable transfer would be on you and your brother; there should be robust documentation to support the claim.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting