My friend is green card holder. His parents have some property in India. Parents are getting old and want to transfer the property to his name. Would it be advisable to transfer as a gift, while parents are alive or would it be advisable to transfer on the death of the parents.
When my friend goes to sell the property what would be his cost basis in both situations in India?
Better to get it trasferred by way of 'Will'.
Its inherited property, and long term capital gains tax will be liable after indexation benefit.
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Gupta Sachdeva & Co. Chartered Accountants
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