Cost price on family transfer
This query is : Resolved
Quick Summary
15 August 2020
I transferred a society flat,acquired in 2009 in Gurugram Haryana for Rs 55 Lakh to my NRI son in 2015 under blood relation transfer scheme where in no stamp duty is chargeed on transfer of property among blood relations.I have following querries-
1 What will be buying price at the hands of my son?
2 Since my son is abroad and in corona times travelling is not safe,if I have power of attorney from him to sell the house,my understanding is one can not transfer ownership on POA sale in which case I will not get a buyer.Any solution to this problem.
3 As and when the flat is sold,is he entitled to invest under sec54 (infra bond) to save tax?
4 In the alternative,can he buy a flat from her mother to save CG tax
Thanks
S C Goswami
1 What will be buying price at the hands of my son?
2 Since my son is abroad and in corona times travelling is not safe,if I have power of attorney from him to sell the house,my understanding is one can not transfer ownership on POA sale in which case I will not get a buyer.Any solution to this problem.
3 As and when the flat is sold,is he entitled to invest under sec54 (infra bond) to save tax?
4 In the alternative,can he buy a flat from her mother to save CG tax
Thanks
S C Goswami
CA R SEETHARAMAN
(Expert)
15 August 2020
1 your buying price or market price as on 1st April 2001 in case of purchase earlier.
2 Ownership can be transferred through power of attorney.
3 yes.
4 yes.
2 Ownership can be transferred through power of attorney.
3 yes.
4 yes.
04 January 2021
Dear Sir,
Referring to my earlier question of 15/08/20,if i sell under POA, can i deposit money in my savings a/c and if yes what will be Tax implication? The property is in the name of my NRI son and his tax implication is different and I sell as Indian resident whose tax implication is different!
Kindly advise
S C Goswami
Referring to my earlier question of 15/08/20,if i sell under POA, can i deposit money in my savings a/c and if yes what will be Tax implication? The property is in the name of my NRI son and his tax implication is different and I sell as Indian resident whose tax implication is different!
Kindly advise
S C Goswami
04 January 2021
Dear Sir,
Referring to my earlier question of 15/08/20,if i sell under POA, can i deposit money in my savings a/c and if yes what will be Tax implication? The property is in the name of my NRI son and his tax implication is different and I sell as Indian resident whose tax implication is different!
Kindly advise
S C Goswami
Referring to my earlier question of 15/08/20,if i sell under POA, can i deposit money in my savings a/c and if yes what will be Tax implication? The property is in the name of my NRI son and his tax implication is different and I sell as Indian resident whose tax implication is different!
Kindly advise
S C Goswami
CA R SEETHARAMAN
(Expert)
04 January 2021
As cheque will be issued in the name of your son sale proceeds will be deposited in to your son's account. Tax implications applicable to your son.
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