You can`t give away everything you own. If you are a Hindu, you can dispose of your self-acquired property. Similarly, if you are a Coparcener, you can give your co-park interest in a property, provided that certain conditions are met. In some cases, a widow may donate a small portion of the property she inherited from her husband, but she cannot do so in her will. There are countless tax planning benefits that are available in the event of the start of a separate income tax file from the daughter-in-law. As with any other single taxpayer, the current maximum amount of exempt income on which the daughter-in-law would not pay income tax is Rs 2,000,000 for the A.Y. 2013-2014. In addition, the daughter-in-law would also benefit from a special tax deduction of up to Rs 1 lakh under Section 80C of the Income Tax Act 1961. If the daughter-in-law opted for a Mediclaim policy, she would also benefit from an additional deduction from the payment made to Mediclaim up to Rs. 15,000 per year. My father is dead, but my mother is alive.
I have 5 sisters and we have 4 brothers. Among them are 2 sisters and 1 brother under the age of 18. My father had owned 9 acres of land, but he died without any will. And my mother owns 1 acre of land. How many shares can I get? 2. The donor may request the annulment of the act of gift if a condition precedent of the act of gift is breached. But you cannot unilaterally revoke the deed of gift, you will need court orders to revoke the deed of gift. You cannot revoke it, but contest it and have it cancelled. Or ask your son to take legal action against you and your daughter-in-law and you`ll stay ex parte.
Q.My son-in-law and his mother are NRIs living in the United States. They own properties in Chandigarh, Mohali and Amritsar. They want to sell all these properties. How can the tax payable be calculated on the proceeds of the sale and can they transfer the entire amount to their accounts in the United States? Hindu personal law does not give “Karta” the right to transfer ancestral property to a person at his request. In such a transfer, the coper of a mixed Hindu family may declare the transfer invalid. The Supreme Court [in Kamala Devi v. Bachu Lal Gupta; 1957 SCR 452] extended the meaning of “pious designs” to cases where a Hindu father gives his daughter reasonably immovable ancestral property for the execution of a pretential or prenuptial promise made to settle the terms of her marriage. And the same can be done by the mother in case the father is dead. Apart from that, property received from an individual is taxable if the value of the stamp duty of such property received without consideration (land or building or both) exceeds Rs 50,000. The registered donation is irrevocable.
The donor cannot revoke it. It is absolute. The deed of gift may be cancelled if the donor and the receiver mutually agree. One. It would be wise for your wife to make a will in favor of her daughter-in-law regarding her share of the property. The donation would involve the payment of stamp duty on the market value of the property. On the other hand, stamp duty is not responsible for inheritance by will. In these circumstances, making the will in favor of the daughter-in-law will be a better option. Q.My cousin owns a property that is over 90 years old. There are four brothers. Two of the brothers were not married and the fourth had already taken money for his part.
Now my cousin`s father and other brothers have all passed away and he wants the property transferred in his name. What would be the procedure? — Harendra kumar With regard to the movable property of ancestors, a gift may be made out of affection to a wife, daughter and even son, provided that the gift is made within reasonable limits. The transfer of all ancestral property by gift to a specific person is void. A gift is a transfer of ownership in which interests are transferred from one living person to another without consideration. It is a useless and among life in nature. This is the general definition accepted by all religions, including Muslim law. According to Muslim law, a gift is called a hiba. My father transferred all the ancestral property to his daughter-in-law. He transferred this property by means of the deed of gift. He gave the gift with an ulterior motive that I don`t want to address here.
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