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Is 1% LBT applicable if I wish to gift my son my bunglow? - Property Hotline
Posted
December 29, 2016
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2:19Now PlayingExpert: Ashish Sodhani, Tax Expert
Question: I own a bunglow in Thane. I wish to gift it to my son. But I was told that it would be on 1% LBT. Considering the house is an immovable thing, can I be charged?
Answer: LBT is a local body tax, thus even if it is a gift, the authorities would want to value the property and then ask you to pay 1%. It should be remembered that there are many taxes that you have not be subjected to as your gifting it. The 1% charge is more like the conveyance charge that the local body is asking for to transfer the ownership.
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