Can I buy a residential flat in the name of my married daughter by making payment directly to the seller ?

5 years ago

Can I buy a residential flat in the name of my married daughter by making payment directly to the seller ?

This purchase is out of my retirement money and other incomes that been declared in my IT return. I have already paid 50% of sale consideration to the seller and the balance to be paid at the time of registration.

Will there be an issue from Income Tax angle or any other law for this transaction. Please suggest if there is any better alternative to avoid query / harassment by authorities by branding this as a benami transaction. .

Second part of the question is if I purchase the property in my name now but used by my daughter, will I have to pay tax under the head Income from House property, even if I dont' receive any rent from my daughter ? I have already a self occupied house in my name and I can't show this new property as self-occupied. If yes, any suggestion to avoid paying tax on unearned income ?

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Deepak Yashwantrao Bade

Responded 5 years ago

A.dear client Please purchase in Your name then gift it to your daughter to lessen the I T complications.

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ARPIT BATRA

Responded 5 years ago

A.ANn experienced CA could help you better.

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Kishan Dutt Kalaskar

Responded 5 years ago

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A.Dear Sir

Please purchase in Your name then gift it to your daughter to lessen the I T complications

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Vishwabandhu

Responded 5 years ago

A.Dear Client Transfer Money in your Daughters' account and let her pay. It will be safe and would not create any future problems.

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Rameshwar Dadhe

Responded 5 years ago

A.If you paid income tax return regular then no issues. If Ur balance sheet match properly then nothing any problems. But I suggest u . U should approach Ur charted accountant for better solution

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Shanti Ranjan Behera

Responded 5 years ago

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A.Dear Client,
The best solution option for you would be to get in touch with a Income Tax lawyer who is in practice and regularly files Income Tax Return .
The second option is to get in touch with a Chartered Accountant who does the same job either for the individual or for the corporates.
The third option would be to go to the Income Tax Office, meet the Income Tax Officer he will direct to the Income Tax Inspector to look in to the matter.
Since you are a Retired person and money is legal money as you have stated I hope there will be no problem at all.
Shanti Ranjan Behera, Advocate

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