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Capital gains taxation
In India it's a common practice for parents to fund their children the purchase of a house. So if the initial payment was made by them and EMI by children , how the taxation will be on selling it?
Replies (3)
Very good question
in this case on the safer side do one thing make a gift deed for the amount funded by parents than entire funds will be yours and capital gain provision will be applied as if you have bought this property by your funds only.
oh! never read this while doing CA! If we have this route then clubbing provision will be nullified,won't they?
I think clubbing provisions would apply here for the portion of first payment made by the parent.
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