Capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2014 mr x have ownership of one commercial plot in ahmedabad and he has his son mr y is risiding in pune having job there and mr x is ritierd person now mr x wnt to sell plot in ahmedabad and mr y wnat to purchase new flat in pune and wnat money from his father mr x . my question is that is there any way to reduced capital gain tax to mr x in ahmedabad ? property in ahmedabad has value of 20 lakh approx. and it was purchased in 1980 at rs 5 lakh approx. can mr x gift any some of amt to his son mr y in cheque? should mr x have to purchase property in joint holdr name in pune with his son mr y? or mr y who is mr x's son have to add his name in ahmedabad property before sale it out. so help me out regarding this. thank you.

Rupesh Jain

Rupesh Jain (Expert)
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23 May 2014 if mr x sell his property then he have to pay LTCG @ 20% if he has not made investment u/s 54F. in some case joint name property can avail the exemption from LTCG. but its better to invest the property in individual name. and then he gift the property to his son. then he save LTCG.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2014 IF MR X SOLD HIS COMMERCIAL PROPERTY SITUATED IN AHMEDABAD AND AFTERWARDS HE INVEST IN PUNE FLAT AND THEN AFTER IF HE GIFT TO HIS SON MR Y THEN GIFT PROVISION APPLIED TO MR Y OR MR X? IS THERE ANT TAX LIABILITY ARISE IF HE GIFTED TO HIS SON NEW HOUSE ? IS THERE ANY GIFT TAX APPLICABLE?

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2014 THANK YOU SIR FOR REPLYING ME THANKS ALOT RUPESH SIR

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