The plot is one my mother's name and to avail home loan I want the plot to be transferred on my name. Somebody suggested that she can give you the plot as a gift and then the plot can be on my name. But I want to know will there be any tax deduction on the same on my mother or me.
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Your mother can gift the plot to you. There will not be any gift tax in this connection. No question of any tax deduction. Income tax side, it is free from taxes.
To transfer the house in your name, your mother should execute a gift deed and get it registered in your name in the register office. For this you may have to pay registration charges. This gift deed registration charges changes from state to state. Maximum it may be around 1% on the registration value. For example if the gift property is valued at Rs.10 lakhs, then you have to pay around Rs.10,000 as registration charges.
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Apart from Registry Charges ...no other taxes are leviable on u..
but after u get the house constructed...and if u RENT it out...then Proportionate portion of Land Cost and Construction Cost, appurtenant to yr mother..the Rental Income shall be Added for Tax Purpose to her Income..
CA Rajesh K Agrawal
Asap & Associates
Jaipur
09828017018
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no u dont have pay any tax nor your mother apart from the registration charge while changing the ownership from that of yours to yourself.
who ever suggested the idea of gift has given u the right advice.
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Yes you have to pay some taxes and fees also but it will be nominal ... and varies from place to place better you consult some consultant nearby your place
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Gift in India attracts no taxes, including stamp duty on transfer as gift.
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yes your mother will have to pay the taxes according to the standard market price of the plot