Purchase of property - taxation & registrar issues
This query is : Resolved
18 November 2013
My query is as below;
My grandmother is the owner of an immoveable property. She intends to sell the same and purchase a new property in the name of my dad. However that is not possible as she will become liable to pay capital gains tax before she can gift the money to my dad. Hence to avail benefit of Sec 54 she will purchase the property in her name.
To register the property in my dads name, she will have to execute a gift deed. But this will lead to non compliance of Sec 54 conditions.
We intend to transfer the property in my fathers name. Please advise a solution keeping the Registrar as well as income tax compliances in mind.
My grandmother is the owner of an immoveable property. She intends to sell the same and purchase a new property in the name of my dad. However that is not possible as she will become liable to pay capital gains tax before she can gift the money to my dad. Hence to avail benefit of Sec 54 she will purchase the property in her name.
To register the property in my dads name, she will have to execute a gift deed. But this will lead to non compliance of Sec 54 conditions.
We intend to transfer the property in my fathers name. Please advise a solution keeping the Registrar as well as income tax compliances in mind.
19 November 2013
Dear Zaid,
let your grand mother and your father buy the property jointly. that would suffice the whole structure. She can later transfer the house to your father through her "WILL"
let your grand mother and your father buy the property jointly. that would suffice the whole structure. She can later transfer the house to your father through her "WILL"
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