Dear sir
my mother got her share in the property n the same is sold. the amount got is same reinvested by putting some more amount n bought site to avoid capital gain. the property was sold last month. now my question is can this property can be transferred to me by way of gift deed and does it make any problems while making my mother income tax returns n is she eligible for capital gain tax redemption since the amt got from sale of property n reinvestment made.
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Transfer of property
Replies (7)
As per sec. 56(2)(vii) of Income tax act, any property transferred by way of gift from a relative is not taxable. so, the transfer of property from you mother to u by way of gift will not raise any concerns.
Investment made in plot is not eligible for capital gains exemption........
Capital gains tax liability over mother for sell of inherited property remains intact.
tax liability depends on the type of property....to escape cg tax you have to invest in same type of property.. i mean if ur mother got a building as share and you sold it means you have to invest the said consideration again any building of that type....here ur mom wont escape liability merely showing the reason that the amount has been reinvested...
sir my mother got a piece of plot as her share at Mysore and the same is sold and the amt received by that is reinvestment made n purchased a plot at Bangalore in her name.my question is again whether she is eligible for capital gain exemption
Certainly NO; unless any residential house is constructed over the newly purchased plot within 3 years from the sale of inherited plot.
sir, suppose the newly purchased property is transferred to my name thru gift deed and if I construct home will then capital gain exemption can be availed.
or
can u suggest Wats the remedy to avoid paying capital gain exemption as I said earlier the amt is reinvested in buying the plot
or
can u suggest Wats the remedy to avoid paying capital gain exemption as I said earlier the amt is reinvested in buying the plot
In current scenario., you and mother both can jointly consrtuct house over the new plot purchase. After that mother can gift her share in the house property to you........
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