FACTOR AFFECTING TAX RULES IN REAL ESTATE GIFT IN INDIA

Q: Hi, my father has given me one plot in Bangalore near sarjapur road. I want to know what is the factor taking into consideration in gifted property?

Kanthi Sridhar, Bangalore

10th December 2014

Property Tax in Bangalore

property tax

gifted property

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HI,
A gift means something given voluntarily without payment in return, while the meaning as per the Transfer of Property Act, 1882 is transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person to another. Generally, a gift of property is documented in writing by a gift deed.