Gifting property to mother
I'm an NRI and would like to gift my immovable property (flat) in India to my mother (residing in India) in terms of a gift deed. I heard that gift to a relative in tax exempt. However, I found the following definition of 'relative' according to Income Tax Act - "spouse, brother and sister of self and spouse, brother or sister of parents or parents in law, any lineal ascendant or descendant of self or spouse". I have the following questions:
1) The term "Lineal ascendant or descendant" means grandfather, father, son, grandson etc. It does not mean mother in specific. So, does the definition of 'relative' also include 'mother'? If yes, how?
2) Will gifting the property to a relative (my mother in my case) be completely tax exempt irrespective of the value limit?
3) Is it also completely tax exempt to gift money irrespective of the value limit to a relative?
Asked 9 days ago in Income Tax
I have two follow-up questions:
1) If my mother sells the property after that, will her income from the sale be clubbed to my income? I mean, will it be looked upon as my income as well?
2) Since I won't be able to come to India, I'll be authorising my sister to do the registration of the gift deed on my behalf. Will that still be considered as a gift even on my absence?
Asked 9 days ago