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    Rani42's Avatar
    Rani42 Posts: 3, Reputation: 1
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    #1

    Dec 3, 2012, 12:14 PM
    Gift tax
    I own a flat in jointly with my brother. I live abroad and I don't need the property. I want to gift it to my brother.
    A) what are the tax implications for my brother and me. My brother lives in the flat.
    B) what paper should I submit and where to make the gift legal.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Dec 3, 2012, 12:38 PM
    Please answer a few questions so we can provide some guidance:

    1. What country is the flat located in?
    2. What country do you live in?
    3. What is the approximate market value of the flat?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    Dec 3, 2012, 12:58 PM
    Also, if OP actually owns a 1/2 undivided interest in the flat (what is generally called "in common" ownership in the U.S.) such a gift would probably be 1/2 as valuable as would be a gift of the entire property.
    Rani42's Avatar
    Rani42 Posts: 3, Reputation: 1
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    #4

    Dec 4, 2012, 07:22 PM
    [QUOTE=ebaines;3338696]Please answer a few questions so we can provide some guidance:

    1. What country is the flat located in?
    2. What country do you live in?
    3. What is the approximate market value of the flat?

    The flat is Iain Hyderabad, India.
    I live in Canada. The value of the property is around Rs 30,00,000
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