Capital Gain

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A query regarding capital gains tax on selling a flat under construction to one's mother. The proposed sale agreement lists both the mother and the seller as purchasers. The advice given is that an individual cannot sell property to themselves, even partially, rendering the proposed sale structure invalid for capital gains tax purposes.

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(Querist)
25 September 2020 Sir,

I have a flat (Construction is in Process), I want to sell this flat to my Mother with regular consideration, but in the sale agreement seller is myself self and the purchaser are two one is my mother and the second myself. Now my quarry is whether the consideration amount is applicable for CAPITAL GAIN TAX.
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CA Raj Doshi

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CA Raj Doshi (Expert)
26 September 2020 Please make agreement wherein only 50% share is sold. and remaining 50% remains to be with you.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 September 2020 You cannot sell your property to yourself wholly or partly, hence rest of the issue stands infructuous.
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