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Capital gain taxation

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Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2012 mr A purchased plot in Nov 2010 20 L and started developing the plot in March 2011. work get started.
Mr A died.in Septmber 11
Mrs. A and becames legal hair of the property.
now mrs A wants to transfer the same property to her monther in law for value 31 L and wants to settle other loan of her husband.
whether capital gain attracts in the hand of mrs A.? how much will be the tax liability?

Can she tr the same via gift deed. and take the 31 L as gift from mother in law or ask the m-in law to settle the dues.

does this will save the taxes.

pl guide me

thanks in advance

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 January 2012 The plot seems to be unlucky. Mr A died within 6 months.
.
Mrs A is advised not to transfer the said plot to the sad mother. It's a family matter. If Mrs A sales the plot, Stamp Duty
and Short Term Capital Gains Tax is required to be paid from the family funds.
.
Mother of A is also quite old now. She can easily be pleased only by words as she knows that her deceased son had already left for heavenly abode without fetching a square feet of land with him.
.

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