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Tax on sale of House Property

This query is : Resolved 
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(Querist)
12 July 2009 Dear Sir
My mother had purchased a plot in 1988 for Rs 12000.00 on Notary. Later we have constructed house on the land in 1996 and got that house registered in Oct 2006.The cost of HP is 6.74 lacs as shown in registry and stamp duty charges were 54000.00. Now we have purchsed a new flat in my name and taken a home loan. We want to sell old house (in this month only) and repay some portion of home loan. My query is:
1. What is tax liablity for my mother for the amount she receives from the selling of the HP.
2. What will be my tax liablity if she gives money to me for the prepayment of the loan.
3. How can she and me avoid this tax liability.

Paresh
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NITIN

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NITIN (Expert)
13 July 2009 It is beeter to purchase house in the joint name of youand your mother. In that case you can take loan easily and to exempted capital gain on sale of house property new investment is consider and eligible to get benefit
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