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CAPITAL GAIN

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(Querist)
20 March 2018 Hi Guys and practicing members, My dad having flat in his name..now we are planning to sold out the same and buy new flat in some other place. My queries is can I use sale proceed of flat sold of dad to buy property in my name and can this case long term capital gain would be attract in my dad name.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 March 2018 Yes long term capital gains arises in such a case.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
20 March 2018 Yes, since the new property is not registered in your father's name, no exemption from Capital gains will be available. Therefore Capital gains will be attracted.
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RAJA P M

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RAJA P M (Expert)
21 March 2018 Yes... The Purchase is not your father's name then LTCG atract...
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RAJA P M

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RAJA P M (Expert)
21 March 2018 But, I think., Simple way Buy your Father's name after few years You ll get it as GIFT.... Wait on Our experts view for this opinion...
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Virendra Gupta

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Virendra Gupta (Querist)
22 March 2018 Thank you guys for the valuable feedback...
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