Estate planning · Gift Deed
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A gift of property to a specified relative is fully exempt from income tax in the recipient's hands under Sec 92(2)(m), Income-tax Act 2025 (old Sec 56(2)(x)), no matter the value. Relatives for this purpose: spouse, siblings, siblings of spouse, siblings of parents, lineal ascendants/descendants and their spouses. Gift deed must be executed and registered at Sub-Registrar.
Transfer of Property Act 1882, Sec 122 | IT Act Sec 92(2)(m) (old 56(2)(x))
Stamp duty applies, varies by state (0% for blood relatives in some states, up to 5% in others). Future gains on gifted property: taxed in recipient's hands.
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