Best way to adjust land plot capital gain against purchase of flat

lucky (MBA) (49 Points)

11 August 2023  

We are planning to sell a land plot (located in one of the cities of Uttarakhand state) which is in my mother’s name and buy a Flat (in Gurugram, Haryana) in my (son) and mother’s name to adjust the capital gain arising from the sale of the plot. Flat will be 65 percent in my name and 35 percent in mother’s name proportionate to the money contributed by us with me being the primary owner. My mother will also create a Will and POA handing the flat to me so that tomorrow ownership disputes do not rise between me and my sister.

Wanted to check if after creation of my Mother’s Will and POA can any other legal heir still claim stake at the flat property. If yes, then what additional thing needs to be done to mitigate that risk. Also, what’s the best way to save capital gain tax on sale of land plot and use it in purchase of flat. Not much interested to pay capital gain tax or invest in bonds.

I will be purchasing flat majorly with my hard-earned money and remaining from the gift money from my mother so I want to make sure other legal heirs are not able to create trouble and stake claim if I purchase flat in my mother’s name as secondary to save capital gain tax. Though my sister is of good nature but I want to be aware of all possible risks if any. My sister will also be getting other land plot as gift from my Parents as my Parents have always considered both son and daughter as equal.