Hi, My mom is selling a property which she bought 20 years back and now she wants that I her son should buy property in my name, please suggest is it possible without any tax implications
Or is it advisable that she only purchases in her name with a separate will for that property in my name.
Any help would be appreciated
If she wants to get exemption benefit over LTCG on sell of the house, she can purchase new house as joint holder along with yourself.
Is the indexation benefit still available and how can we calculate same . Want to see if she is liable for tax at all
Yes, indexation benefit allowed, Tax luability will be nil if at least the net LTCG is invested in new HP.
Just trying to understand what is the benefit of buying in joint ownership vs only hers.
Her intention is I should buy directly in my name to avoid any change of ownership later or having will.
Need more suggestion as someone also suggested that mother can still claim LTCG even if she buys property for son..please suggest.
Also another reason is she wants to avoid any will, transfer issues later for me so what would be the best possible way.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
