Query on tax implication for gifted property
This query is : Resolved
08 June 2021
I own a property in the joint name of my mother and me. This was purchased in 2020. This property was purchased using proceeds including capital gains from selling 2 flats, we were joint owners in one flat and my parents were joint owners in the second. This reinvestment ensured that we didnt have to incur LTCG on sale of our earlier properties. In addition to this, we also used a home loan and some own funds to complete the purchase.
My mother wishes to relinquish ownership of the new flat and transfer her complete share in my name. I in turn also wish to add my spouses name to the property. Both of these can be done by executing gift deeds on the property, however, considering we had invested in this property to avoid tax on capital gains, is there a possibility of any tax implication if we proceed with the gift deed?
My mother wishes to relinquish ownership of the new flat and transfer her complete share in my name. I in turn also wish to add my spouses name to the property. Both of these can be done by executing gift deeds on the property, however, considering we had invested in this property to avoid tax on capital gains, is there a possibility of any tax implication if we proceed with the gift deed?
CA R SEETHARAMAN
(Expert)
08 June 2021
No tax implications in case of gift.
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