A person is willing to sell his house, he bought a land and did a construction on 1979 for Rs 250000/-.
Now the sale consideration is Rs 1 crore 54 lakhs, and he don't have any plan to reinvest in any properties again, he plan to settle the amount to his 3 sons.
For sure Capital Gain tax will arise for Rs 25 Lakhs after the cost index workings.
is there any opportunities to avoid the capital Gain tax?
My assumptions
Before he does a sell, if he transfer the property to his sons and then the tax would be borne by the sons individually, if they want to reinvest it then there will be no capital gain will arise for them.
in this transfer to sons, should they need to do the registration or sale deed alone his enough to sale it for the Third party. Please clarify me in this regard.
CAclubindia
