urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2010 sir, there is a property in the name of a mother and her son,they want to sell the property and transfer the funds to her son who is nri and is out of country.
than how the funds can be transferred to her son.
amount involved in this 25lacs rs.

thanks

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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22 November 2010 For sale of property which is in the joint names of Mother & son, shall be chargeable to income under the head Capital gains, whether long term or short term depends upon the holding period of the property, if holding period is more than 36 months, LTCG otherwise short term.

As for as funds transfering to his son outside India, has to be inline FEMA guidelines, if the son is a joint owner of the property.