Respected Sir/s
My father wants to sell a portion of our home where we live i.e my parents, my family, my younger brother's family. He wants to give me that money (recieved from selling that portion) to purchase a new floor for my family in my name. I'll move to that floor & relenquish my share in the old house. The old house is in father's name.
I want to know that will I have to pay any income tax or Capital gains tax on that money recieved with which I'll purchase the new builder floor ?
If yes then sha'll I tell him to purchase the new floor in his own name & then Gift it to me i.e Gift Deed ? As i will not be in position to pay any income tax, capital gains tax or Gift tax. Is there a stamp duty also on such transfer of money? The money will be part cash part cheque i.e. black & white.
kindly reply early
with best regards
Harpreet
CAclubindia
