Capital gain on selling residential flat
This query is : Resolved
20 January 2014
Hello,
I am selling my flat at Rs.75 lcs. The net capital gain out of this will be Rs.45 lacs.flat is jointly registered in my name & my mothers name. Mother does not contribute financially.
Now I have a query...
What is the share of capital gain out of this between me & my mother?
If I invest Rs.20 lacs in other property, will there be any tax on Rs.20 lacs invested?
Second thing is, I want to gift the remaining amount (Rs.25 lacs) to my brother or investment. Will I get any tax exemption? will my brother have to pay any tax on the amount received?
Regards,
Prashant.
I am selling my flat at Rs.75 lcs. The net capital gain out of this will be Rs.45 lacs.flat is jointly registered in my name & my mothers name. Mother does not contribute financially.
Now I have a query...
What is the share of capital gain out of this between me & my mother?
If I invest Rs.20 lacs in other property, will there be any tax on Rs.20 lacs invested?
Second thing is, I want to gift the remaining amount (Rs.25 lacs) to my brother or investment. Will I get any tax exemption? will my brother have to pay any tax on the amount received?
Regards,
Prashant.
CA Mohit Bansal
(Expert)
22 January 2014
Hi Prashant,
The capital gain of Rs. 22.5L will be taxed in your return and rest in your mother's return.
You will get exemption of Rs. 20 lac invested in other "RESIDENTIAL" property u/s 54.
You will not get any exemption for the amount gifted to your brother however it will not be taxed in your brother's return as gift received from brother is exempt.
The capital gain of Rs. 22.5L will be taxed in your return and rest in your mother's return.
You will get exemption of Rs. 20 lac invested in other "RESIDENTIAL" property u/s 54.
You will not get any exemption for the amount gifted to your brother however it will not be taxed in your brother's return as gift received from brother is exempt.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- Tax on Amount transferred in HUF Account
- ETDS return q4 25-26
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
