Capital gains tax
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2015
I have purchased a residential flat in 1989 & my brother has stayed in the same on goodwill.
Now I am thinking of selling the premises & from the sales proceeds plann to buy two separate premises - one for me and one for my brother .
How best to minimise on Capital gains tax.
Can I show the flat bought for my rother as gift to him?
Kindly let me have your valued suggestions.
Now I am thinking of selling the premises & from the sales proceeds plann to buy two separate premises - one for me and one for my brother .
How best to minimise on Capital gains tax.
Can I show the flat bought for my rother as gift to him?
Kindly let me have your valued suggestions.
07 July 2015
if you are the owner of the 2 house u purchase after selling the existing 1 then u will be eligible for exemption.
https://www.charteredclub.com/section-54/
https://www.charteredclub.com/section-54/
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2015
Thanks for your reply.
I understand that one can have only one house in his own name -- the second house is treated as wealth.
Apart from that I have to give one house to my brother to provide for his accommodation -- only on that condition he is willing to allow to sell me my current house.
I understand that one can have only one house in his own name -- the second house is treated as wealth.
Apart from that I have to give one house to my brother to provide for his accommodation -- only on that condition he is willing to allow to sell me my current house.
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