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Author Topic: Short Term Tax on sold property  (Read 221 times)

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Offline ganesh2017

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Short Term Tax on sold property
« on: March 11, 2017, 10:30:30 AM »
I have sold flat which was co-owned by my mother along with me in Oct-2016 which I took in June 2010. From the amount I took another property within 5 months again on both me and my mother name. I have got my loan approved, new agreement mortgage to bank and also one disbursement is done to builder.

Now I want to make a registered gift deed agreement(I required this to withdraw amount from PF) which will transfer the ownership of my mother on my name so that I become the sole owner.

I just called bank to inform about this and they are telling that you need to pay the short term capital gain as you are removing your mom name.

My mom is senior citizen and non working, Do I need to pay the tax on behalf of my mom? Does the registered gift deed agreement will have any impact on bank disbursement to builder ? What is legally correct to do in this situation?

 

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