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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Jul 22, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Asked by Anonymous - Jul 08, 2023Hindi

Money

I wish to transfer a flat to my daughter who is citizen of other country.pl let me know the procedure I have to follow legally. As I am a senior most citizen. Pl suggest

Ans: Sir, you may be required to comply with applicable RBI regulations, prepare gift - deed in favour of your daughter, need to check , of which country your daughter is the citizen basis legal provisions of that country.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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My daughter is an NRI in Dubai she had bought an residential apartment Now she wants to transfer the same to me ie her father Would like to know what is the best way to transfer Gift deed or any other option Would stamp duty be applicable Property is around two CR and in gurgaon

Ans: Your daughter can Gift the property to you. Gift deed should be executed, so that property is transferred in your favor. Applicability of Stamp Duty is a state matter & the same varies from state to state, you may refer to Haryana Govt. rules for this purpose.
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Hello Sir My father in law wants to transfer his owned residential property to my wife's name. Apart from will what are the other ways through which he can transfer? And what would be the taxation component?

Ans: Besides Gift, he can transfer his property to his daughter, through transfer/sale deed. In many states like Punjab, property can be transferred within family, without payment of any Registration fee.
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Hello My father in law wants to transfer his owned residential property to my wife's name. Apart from will what are the other ways through which he can transfer? And what would be the taxation component?

Ans: He may Gift the property to his daughter.
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Asked by Anonymous - Apr 11, 2026Hindi

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Hello Mihir, I had transferred my flat (owned by me and my spouse) as gift to my daughter when she was 17yo. This was done by a lawyer with payment of relevant stamp duty/taxes to registration office. I have below queries: 1) Do I need to take up any other documentation once she turns 18? 2) can I sell the flat, will there be any implications? 3) Do I or my daughter need to pay LTCG after the sale and if yes how much %? The flat was purchased in 2008 at 33 Lakhs and the ongoing rate is around 1.2Cr. I plan to purchase another residential property in India as well as overseas after the sale materializes

Ans: For income tax purpose, gift deed and registration of property in the name of daughter would be sufficient.

When your daughter sell that flat she need to pay LTCG if gain amount (1.2cr minus 33 lacs) is not invested in the new property is not purchased within 2 years or not constructed new property within 3 years of sell of flat.

Property purchased outside India will not be considered for LTCG exemption purpose.

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“I am from Nepal, but currently I am staying in India. I want to continue my studies. If I complete 10th grade from NIOS, will I be able to go back to Nepal and take admission in 11th grade?”

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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