Dear Sir(s),
My Grandmom owns our current property. it is 30 years old and on house tax papers, it is around 70K, the circle rate however is 1.5 Cr.
I understand the LTCG concept the exemption to which is, if property of same amount or higher is bought, no tax needs to be paid.
The question here is - Can she sell the property with original cost of 70K in 1.5 Cr. not buy another property inseat gift the money to her children (gift deed) and her children buy property on there name from the money received in gift as part of property she sold.
Thank you in advance..!
CAclubindia
