Mom wants to sell her house property to daughter but to avoid the capital gain tax on sale, they are making an arrangement to prepare two gift deeds.(Long term capital asset)
One mom will gift house property to daughter and other one is daughter will gift money/consideration to mom.
Please suggest your valuable comment whether this arrangement is in the lines to avoid the tax.
I think above strategy is perfect for tax saving, because if we go by section 56(2) gift received from relatives are altogether exempt, and as per 47(iii) transfer of capital asset under gift or will is not considered as transfer and hence not comes under purview of capital gains also.
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