Property sale releted

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pankaj mahajan (Querist)
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22 September 2012 Sir ,i have sell a flat ,and this flat is my mother name and she is housewife .i have open joint account in icici bank ,flat cost as per market value is 18 lac(ragister value)my ?? is i want all amt will be diposit at our joint accont ,befor the deposit 18 lac amt what doc will submited in bank and what is cycle peried of income tax and how to save in come tax and but our next plan is buying new big home within one year
DATE OF PURCHESH IS 23/06/2008 AND AGREEMENT VALUE IS 7LAC RUPEES pls advis...

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2012 the capital gain exemption will be available for the purchase of new flat. while depositing the cheque in the bank, the bank will not ask for any document. You need to purchase a new flat within a period of 2 years from the date of transfer of the old flat.

pankaj mahajan

pankaj mahajan (Querist)
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22 September 2012 thank sir for given valuble sugesstion but sir that property purchase on my name (son) what type of tax are applicable for my mother ..pls

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2012 mother has to pay capital gain tax if she does not invest in the new property. It is advisable to buy the new property in her name as well (For family convenience, her name may be put second or first as per the choice)

pankaj mahajan

pankaj mahajan (Querist)
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25 September 2012 as my case what amt tax per year are applicable pls give appx amt ... only for my information

Amol S Joglekar

Amol S Joglekar (Expert)
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25 September 2012 it will be capital gain tax. You need to work it out. Cost of acquisition, sale consideration, expenses in connection with transfer

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