Clarification on capital gains
Sarap (Professional) (26 Points)
13 February 2016Sarap (Professional) (26 Points)
13 February 2016
CA Mehul Chudasama
(Chartered Accountant)
(618 Points)
Replied 13 February 2016
I Am Not Aware About This Case Laws But You Will Not Get Exemption If Assessee Son Is Purchasing Property In His Own Name. You Can Purchase Property On Your Wife Case A Security Purpose May Be Allowed As Exempt. But In The Hands of Son Assessee Not Able to Claim Exemption.
Ragarding Your Case Laws I Have To Think It May Be Come Into Play When Assessee Is Died After Transfer Of Property And His Legal Heir Received Consideration And Purchase The Property But I Have To Confirm That.
But In You Question It's Clear That Assessee Son Is Purchasing House Property So Absolutely It Will Not Able To Claim Exemption Us 54
Sarap
(Professional)
(26 Points)
Replied 13 February 2016
what could be the available options for tax planning.
Is there any option available from HUF point of view.
CA Mehul Chudasama
(Chartered Accountant)
(618 Points)
Replied 13 February 2016
First Don't Give Money To Son, Purchase the Property Out Of That Money And After 3 Years transfer This Property As Gift To Son
CA Mehul Chudasama
(Chartered Accountant)
(618 Points)
Replied 13 February 2016
3 Years Time I Just Say For Avoid Future Litigation. Even Though Gift of Imovable Property Not Fall With The Defination of Trasnfer I wIll Prefer That You Will Transfer After 3 Years Becuse Whatever House You Have Purchase You Are Not Able To Transfer Within 3 Years
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