Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 June 2017
My one client have 1 flat his own name in Mumbai
And one flat is on his mother in law in Mumbai.
Now client wants to sell both the flat and buy new big flat in Mumbai.
Please guide about how to tax planning for flat on mother in law name.
And one flat is on his mother in law in Mumbai.
Now client wants to sell both the flat and buy new big flat in Mumbai.
Please guide about how to tax planning for flat on mother in law name.
CA Rashmi Gandhi
(Expert)
20 June 2017
If he purchase house in name of his mother in law then benefit of exemption u/s 54 is allowed to mother in law alone.
He can gift his property to his mother in law by executing gift deed & then sell it after some time. So, maximum exemption can be availed by him of new flat purchased.
He can gift his property to his mother in law by executing gift deed & then sell it after some time. So, maximum exemption can be availed by him of new flat purchased.
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