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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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Question by SANAT - Apr 24, 2023Hindi

Money

Me and my wife jointly own a flat. We have one son and a daughter. Son is employed and married and owns a flat. Daughter has completed her education. We want that our daughter gets our flat after our death. What is the suitable option to transfer our property without affecting us.

Ans: There are a few options you could consider for transferring your flat to your daughter , without affecting your current ownership or enjoyment of the property.

One option is to create a joint tenancy with your daughter. This would mean, your share of the property automatically transfers to your daughter without the need for probate or a will. However, you would need to be sure that you want to give up control over your share of the property during your lifetime.

Another option is to create a life estate, which allows you to continue living in the property during your lifetime while giving your daughter the right to inherit the property after you both pass away. This would allow you to retain control over your share of the property during your lifetime and provide for your daughter's future inheritance.

You could also consider creating a trust to hold the property for your daughter's benefit. This would allow you to continue living in the property during your lifetime while ensuring that it passes to your daughter after your death according to the terms of the trust.

These are the personal views basis your question.

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Oct 04, 2024

Asked by Anonymous - Oct 04, 2024Hindi

Money

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.
Most welcome for any further clarification. Thanks.

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Dec 28, 2024

Asked by Anonymous - Dec 27, 2024Hindi

Money

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.
Income Tax is not involved in such transactions.
Most welcome for any further clarifications. Thanks.

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Tax Expert - Answered on Feb 10, 2025

Asked by Anonymous - Dec 28, 2024Hindi

Money

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.
Another way would be to transfer the property through Registered Sale Deed, BUT in this case Registration charges would be applicable.
Best option is WILL or GIFT. Income Tax shall not be applicable, in either these cases.
Most welcome for any further clarifications. Thanks.

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Hello sir this is Nishat , I passed my 12th in the year 2023 with a good percentage but however I couldn’t see it for chemistry exam. So obviously I failed in that subject so I decided to again reappear for that exam and in 2024 I gave betterment exam from my state board in the subject biology and chemistry. However I scored far better in biology than last time but (Chemistry) I don’t know maybe it’s it’s because of the issues that we have with our board. I couldn’t score good marks so even I had decided to give (Chemistry) separately and so in 2024. I again set for (Chemistry) exam under nios I and I scored 80 so now the thing is that I’ll be having two mark sheet so while applying in need I cannot possibly select the code 2 because although I already have the state board certificate but the NIOS certificate is not yet out and it will be out by end of the March sir can I possibly select the code one that is appearing or will it create problems while counselling or is there any other option please help me out sir , I’m very desperate like I have prepared for neey for the last two years and I don’t want to put my hard work into vain. Please Sir help me out

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Please select code 1 without any fear. Focus more on your study. But considering your fear and anxiety with the chemistry subject, it is recommended that you choose other options than NEET. This time you appear without any fear.

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Sir I'm a pcb student but in cet from I have apper for pcm in my 12 i have dropped maths

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Ans: Hello Dear.
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You mentioned only the NEET PG score, but that alone is not sufficient for admission to the course. Other factors are also considered in the admission process. Therefore, it's difficult to address your query with the limited information provided.

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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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