We are a family of 3, a mother and two sons. We have a ancestral house. On expiry of father, we(two sons) would like to register the same in mothers name and then sell the property.
1. But if we register the same in mothers name does it mean we lose the rights over the same ?
2. Now if we want to sell the property and divide the sale amount can all 3 get tax related benefits if any ? like invest it into other property etc ?
3. One of the sons has a house loan in some other place. Can the sale amount from 1 be used to repay this loan and avail tax benefits ?
4. what is the suggestion for the best way to do the registration and split so that we get maximum tax benefit. Thanks in advance.
CAclubindia
