transfer of sale proceeds to son for purchase of property
This query is : Resolved
23 January 2017
RESPECTED MEMBERS
CAN AN ASSESSEE TRANSFER MONEY TO HIS SON OUT OF THE SALE PROCEEDS OF HIS PROPERTY FOR PURCHASE OF PROPERTY JOINTLY OWNED BY HIS SON AND YOUNGER BROTHER. WHAT WILL BE THE TAX IMPLICATION IF THE PROPERTY SOLD BY THE ASSESSEE AND THE PROPERTY PURCHASED BY THE SON ARE IN SAME PREVIOS YEAR.
RATHER WHAT IS THE BETTER OPTION.
PLEASE GUIDE.
23 January 2017
Better option will be buy the property in your name and gift it to your sons so that you can avoid capital gains tax.
23 January 2017
THE ASSESSEE HAS ALREADY SOLD THE PROPERTY AND BOUGHT THE NEW ONE IN HIS SONS NAME
23 January 2017
Now what should he do.Please guide.
23 January 2017
He has to pay capital gains tax on sale of property.
25 January 2017
If the assessee had sold the property and purchased new property in the name of his sons then the assessee has to prove that he had purchased new property in his sons name and the payment has been made by him not by his sons.
If the assessee is planning to purchase new property in the name of his sons then the better option is to purchase the new property jointly in his and his sons names rather to transfer money to his son to purchase property by his son jointly with his brother.
If the assessee is planning to purchase new property in the name of his sons then the better option is to purchase the new property jointly in his and his sons names rather to transfer money to his son to purchase property by his son jointly with his brother.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
