Dear sirs,
My mom gifted me last year a 3 year old flat worth about 55-60 lakh INR.
My daughter is working in us on H1B and wants to buy a house there.
Now i want to sell the flat so that the entire money can be used by her.
Which is better way?
1. I sell the flat and gift the money to her
2. I gift the flat to her and she sells it within 3 months.
I am an assessee employee of 60 years age.
As exemption u/s. 54 not allowed for any house property purchased outside of India........ You will require to pay long term capital gains over sell of the gifted house........ and then the tax paid amount can be gifted to your daughter.
Gifting the property to your daughter will not help anyway, but the cost of stampduty & registration charges would be in excess.
CAclubindia
