Mr A is planning to buy a house from Mr B, but the property (flat) is in the name of his wife (Mrs B). Mr A is buying this property for Rs 50 lakh and the amount sanctioned by bank is Rs 40 lakh which Mr B wants in following ways:
1) either in his account to avoid any tax liability payment on his wife 2) Mr B has one more property which is mortgaged, can he repay the balance loan amount from this consideration and aviod the Capital Gain tax. 3) any other option like in the form of Gift to Mr A
kindly note this property is considered as Short Term Capital Asset.
18 June 2019
1 Not possible. 2 Not possible. 3 Gift to relatives only allowed. Sale of property above 30 lacs reported to income tax so you can't avoid capital gains tax on this sale.
CAclubindia
