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Author Topic: Selling of old property and buying new one  (Read 660 times)

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Offline avivips

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Selling of old property and buying new one
« on: May 07, 2017, 09:55:05 PM »
We have a 1bhk flat in the name of my father which we bought in 1991 for Rs.2 lac and now we would like to sell it for Rs.11 lac and buying a new row house in the name of me and my wife as we are applying for a loan to buy it. We wold like to use the amount received from the sale of flat plus the loan amount which we'll receive from the bank.

Please guide on what are the tax implications (if any) e.g. capital gain tax in father's property and on us also? Should we include father's name as well in the new property deed to avoid the capital gain tax.


Offline adv.amarnath

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Re: Selling of old property and buying new one
« Reply #1 on: May 09, 2017, 11:47:02 AM »
You should consult Chartered Accountant for who is the best person about this. But when the old flat stands in the name of your fathers name on that event capital gain will be shown in your father's IT. When you are purchasing new flat in your and your's wife name on that event you are gaining asset. There is no link.

Only one option as far as my knowledge concern is that first you can ask your father to gift the old flat in your favour then you can sell it and then you can use the money (rs.11 Lac) in your new flat. In this way you can show IT about capital gain. Mind it, you will get 3 months to hold rs.11 Lac for purchasing new flat. Within 3 months IT will not count that 11 lac as Capital Gain.

I am Civil Advocate so once again you must consult will CA

Amarnath Sanyal
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