Capital gains tax on a gifted property

#1
I got this problem to be clarified by you.
An acre of land in Hyderabad city stands registered in my name at a purchase amount of Rs 1,50,000 during 1991. Its present value as per Registration department rates is Rs 7,20,60,000 i.e @ Rs 15000/sq yd. as on January 2009. It is an urban property. If I propose to sell it now, What is the amount of Capital Gains tax to be paid by me? Are there any other taxes I will have to pay such as Wealth tax etc., ?
I propose to gift this property to my niece residing in USA ( American citizen). In that case does it attract any capital gains tax and other taxes for this operation?
At a later date if she sells this property to somebody, will it not attract capital gains tax?
If so, who is to pay that capital gains tax 1. Is it my self or 2. Is it my niece whos is a Donee of the gifted property or 3. Both Donor and Donee?
If both Donor and Donee both have to pay then what is the proportionate quantum of Capital gains tax to be born by each? If other taxes are leviable, what is the share of these parties involved?
 

Similar threads