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tax query..help please
A woman sells her house & gets 22 lakhs. Her daughter got 11 lakhs from sale of the same house which is not included in 22 lakhs. woman wants to transfer 22 lakhs to her daughter but long term capital gains will apply. so any idea how to avoid tax or pay least tax?????
Replies (1)
woman needs to invest in capital gains bonds for 5 years and claim exemption. after that she can transfer. if she wants to transfer without claiming exemption then tax @ 20% needs to paid first.after that she can transfer the amount to her daughter.
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