Dear Sir,
My father is a Govt. retired and Sr citizen person. He want to sale his own flat. Whatever the amount he will get, from that amount he want to buy a new flat for his son. From his they want to transfer all the money to his son account because he want to register a new flat on his son name. Till now he is non tax payer?
So Is my father liable to pay any tax to the government?
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Tax on sale of property by Sr citizen
Replies (5)
Yes, your father is liable to pay tax on such sale of Resi House. However if he purchases the Flat in his own name them he shall gain exemption u/s 54. Gain on sale of property shall be reduced by the cost of acquistion of such Resi.Flat if he purchases the Flat in his own name. After purchasing the Flat he may transfer it to his son through a gift deed.
How much tax to pay on sale of Rs. 21 lacs.
It depends on the cost of acquistion and improvement on such property and the year of purchase and in case you need exemption u/s 54 them cost of acquisition of new Flat will also be needed
ok sir
Hi my father had a property in the name of huf he had made a booking in 2010 and opted clp plan in 2017 the builder offered the possession and asked for the full and final payment he made it and he sell the same ..so I wanted to ask you how much the tax liability is there...and later he had given money to his son kindly assist me on the tax structure
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