![]() ![]() In such a case, the recipient might have to pay taxes if he or she is not your relative. What if you want to gift the cash gained from the sale of the property? ![]() If you are transferring the property - which has a value of over Rs 50,000 - to someone who is not your relative, the recipient will have to pay taxes during that financial year under the head income from other sources. In case the transfer is in the name of other relatives such as the father, the mother, the son, the sister, the daughter-in-law, the grandson or the daughter, 2.5 per cent of the property value has to be paid as stamp duty. States have different laws over the issue. In Rajasthan, for example, no stamp duty has to be paid if a husband is gifting an immovable property to his wife. However, you will have to pay stamp duty and registration charges on the transaction to provide it legal validity. Neither you nor the relative will be liable to pay taxes in a case the transfer takes place through a gift deed. ![]()
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