i want to know whether there is any capital gain available if a house is sold by an individual and the sale amount is transferred to her sons equally and they invest that amount for purchase of a house/ construction of a house. will the seller be exempted from tax? is there any provision for transfer as gift? should her sons pay tax? can they claim any exemption if they invest for purchase of a house/ construction of a house?
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Applicability of capital gain
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In the above case, Capital Gain shall arise in the Individual's hands even if the Individual gifts the consideration received from the sale of the House equally amongst his / her sons / daughters.
The Individual can purchase the House Property out of the sale consideration in the name of his sons / daughters. Here in this case the exemption shall be eligible for the Individual.
Regards,
Devendra Kulkarni
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