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Is tax applicable on transfer of property to family?- Property Hotline
Posted
October 20, 2016
Views
348
October 20, 2016
348
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3:23Now PlayingExpert: Samir Kanabar, Partner - Tax & Regulatory Services at EY.
Question: My father and mother and my mother jointly owned a property. After my father passed away, my mother, 2 sisters and I are the legal heirs for the part that he owns. My sisters and I want to release our claim on the property and give it to our mother. If we transfer the property to our mother's name what are the tax implications on us for the transfer?
Answer: If considered as gift, transfer to close family members is exempt from capital gains tax. Till Mother is jointly owning the property, the property will only belong to mother and not to the children. Question of transferring it in the name of mother does not arise.
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