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Formalities for immovable property:

Question: May I request you to let me know the formalities involved in an immovable property (flat and proportionate land) gift from a brother to his sister (both are NRIs) and what taxes or levies are applicable in the transaction?

replies:

In order to attract tax liability, the transaction of gift should be in the form of money. Accordingly, any gift-in-kind would not constitute income subject to tax in the hands of the recipient. Therefore, in the given case, the transaction of gift of immovable property is not liable to income-tax.