My mother has rs.14,00,000/- in a capital gains account ( property sold in 2008). This is to be invested in a new apartment to be purchased, the total cost of which is about 75,00,000. The loan will be applied by for by me and my husband. Some of the banks we have approached do not want my mother's name on the property title. They want only the name of the payer of the EMI. I am an only child and so my mother has no problem in transfering this amount to me now or later. If it is gifted, does capital gains tax have to be paid on the amount?
CAclubindia
