Gift Deed: Tax Implications on Property Gifts

Overview:

A gift deed is a legal document used to transfer ownership of property voluntarily, without monetary exchange. While gifting property, it is essential to understand the tax implications, exemptions, and legal formalities involved.

Key Considerations:

Irrevocability: Once executed, a registered gift deed is legally binding.

Tax on Gifted Property: Under the Indian Income Tax Act, gifts received from non-relatives may be taxable.

Stamp Duty & Registration: Different states impose varying stamp duty charges on gift deeds.

Exemptions: Certain gifts to blood relatives may be tax-exempt.

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