A user is seeking advice on how to avoid paying Capital Gains Tax (LTCG) on a property sale. Although the property was legally transferred to their mother, their names were included on the sale deed as a precaution. The sale proceeds went solely to the mother, who then purchased another apartment to offset the LTCG. The user and their brother are concerned as the sale transaction appears on their AIS, and they wish to ensure the entire sale amount is attributed to their mother for tax purposes.
My father owned a house and assigned my mother as the legal heir in registered will. This house was bought 20 years back. He passed away post which my mother got the house transferred in her name. She sold the house after 3 years but the buyer insisted to have my name and my brother's name included in sale deed to avoid any claim later on by either me or my brother. Later, within 6 months, my mother bought an apartment to offset the LTCG.
Now, this sale transaction is reflected in my AIS and my brother's AIS. But we did not receive any proceedings from the house sale and it went only to my mother's bank account (single holding). Now the issue is how do both of us avoid paying tax on the LTCG and the whole sale amount should be assigned only to my mother.