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Author Topic: About gifting property  (Read 67 times)

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Offline chirag

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About gifting property
« on: November 09, 2018, 01:47:00 PM »
My mother wishes to sell a small apartment of hers to her child-less sister (my maasi). The cost of the property is around 30 lakhs and my maasi cannot afford it. They could give somewhere in the range of 10 lakhs and we are OK with it.

What are the legal options to carry out this transaction? Is there something like gift with consideration where my mother would gift her the apartment and my maasi could gift her 10 lakhs in return? I understand that there are no gift limits nor gift tax between siblings, so these 2 transactions seem legal. Would there be any caveats to deal with in such a mutual gifting setting ?

Thanks in advance
- chirag

Offline kalaskarkk

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Re: About gifting property
« Reply #1 on: November 15, 2018, 03:14:02 AM »
Dear Sir,

You are correct. Please proceed. The following is the standard format of Gift Deed prescribed by Karnataka Govt. which may be make use of.


https://www.karnataka.gov.in/karigr/Downloads/Gift%20Deed.pdf
Regards:

Kishan Dutt Kalaskar
Retd Judge and Advocate
No.74, 1st Floor, “Disley”  House,
Malleswaram, Bengaluru-560003.
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kalaskarnetra@gmail.com
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Re: About gifting property
« Reply #1 on: November 15, 2018, 03:14:02 AM »

 

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