Capital gain tax
This query is : Resolved
20 April 2011
My mother sold a house for 50lakhs (15 years old house).She comes under LTCG. To avoid the tax to certain extent, is it possible to execute a settlement deed to her son, daughter-in-law, grand daughter, grand son for a certain amount.So
Selling price - settlement deed for her son - settlement deed for her daughter-in-law
- settlement deed for her grand daughter - settlement deed for her grand son
= balance amount as capital gain tax.
Is it possible
Selling price - settlement deed for her son - settlement deed for her daughter-in-law
- settlement deed for her grand daughter - settlement deed for her grand son
= balance amount as capital gain tax.
Is it possible
20 April 2011
Will you elaborate about the contents of the settlement deed?
However, amount paid on the basis of settlement deed to the respective parties out of sale proceed of the house is nothing but application of sale proceed and your mother will be liable to LTCG as if the said house was of her only.
However, amount paid on the basis of settlement deed to the respective parties out of sale proceed of the house is nothing but application of sale proceed and your mother will be liable to LTCG as if the said house was of her only.
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