selling a house and buy in name of children
2 years ago
Dear Sir,
I am a lady of 75 years old. I am residing in a society flat in PitamPura. I am the original member of society and I got the possession in 1986. I want to sell it and buy somewhere else in the name of my unmarried daughter or in the joint name of my unmarried daughter and son.
How can I do it ?
What will be the tax implications ?
What are ways to save taxes if any liability is there ?
Waiting for your reply.
Regards,
Luxmi Gupta
Pitam Pura
Delhi.
A.Dear Madam,
You may approach local advocate or chartered accountant
You may approach local advocate or chartered accountant
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello, Luxmi.
A registered sale deed, a gift deed, a bequest, relinquishment, lease, and other methods are all options for transferring property to your wards. a gift deed is the best option. This tax is the responsibility of the property seller, and the Income Tax Act of 1961 has provisions for avoiding long-term penalties.
Thank you
A registered sale deed, a gift deed, a bequest, relinquishment, lease, and other methods are all options for transferring property to your wards. a gift deed is the best option. This tax is the responsibility of the property seller, and the Income Tax Act of 1961 has provisions for avoiding long-term penalties.
Thank you
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A.Hi Luxmi,
there are a number of ways in which property can be transferred to your daughter which include a registered sale deed, a gift deed, a will, relinquishment, lease etc. However, given that you want to bar all the tax implications then the gift deed is the best way. The seller of the property is responsible for this tax, and the Income Tax Act of 1961 has methods for avoiding long-term capital gains tax. Furthermore, the tax ramifications alter whether you own a home that is still being built vs when you own it. A property buyer is also required to withhold 1% of the purchase price and deposit it with an approved bank.
Thank you. Kindly rate the answer
there are a number of ways in which property can be transferred to your daughter which include a registered sale deed, a gift deed, a will, relinquishment, lease etc. However, given that you want to bar all the tax implications then the gift deed is the best way. The seller of the property is responsible for this tax, and the Income Tax Act of 1961 has methods for avoiding long-term capital gains tax. Furthermore, the tax ramifications alter whether you own a home that is still being built vs when you own it. A property buyer is also required to withhold 1% of the purchase price and deposit it with an approved bank.
Thank you. Kindly rate the answer
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A.The best way to save on tax and registration fee and charges are to transfer the property to their names though a gift deed. Since they are related through blood so hardly you will have to pay any registration fee for the gift deed.
Consult a good property lawyer in Delhi and get this done.
Consult a good property lawyer in Delhi and get this done.
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Tanmoy Chattopadhyay
Responded 2 years ago
A.Regarding how it can be done it can be done by selling your present flat through a sale deed and buy another property of your choice in another location by a purchase deed.
Since it is a very old property it will have capital gain tax in it for the sale but only after indexation so it would not be the difference as such.
You can save on tax if you can get the property exchanged as gift to one another.
Since it is a very old property it will have capital gain tax in it for the sale but only after indexation so it would not be the difference as such.
You can save on tax if you can get the property exchanged as gift to one another.
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Pardeep Kumar Dhiman Dhiman
Responded 2 years ago
A.Aap property ko sale kar sakte hai. Or bachho ke liye joint property purchase kar sakte ho.
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Sidhaarth
Responded 2 years ago
A.You can make sale through deed in respect of flat. You shall be required to invest the sale consideration in another property within two years so as to avoid property gain tax. If you purchase any other property in the joint name be it in the joint name of you and daughter or in the joint name of daughter and son then in first case you shall be deemed to be have paid half price so accordingly the ratio of property gain tax shall proportionately be paid by you while in second case you shall not get any relief from payment of property gain tax. As such there is no ways to avoid taxes.
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