Capital gain on selling residential flat

This query is : Resolved

Prashant (Querist)
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20 January 2014 Hello,
I am selling my flat at Rs.75 lcs. The net capital gain out of this will be Rs.45 lacs.flat is jointly registered in my name & my mothers name. Mother does not contribute financially.

Now I have a query...

What is the share of capital gain out of this between me & my mother?

If I invest Rs.20 lacs in other property, will there be any tax on Rs.20 lacs invested?

Second thing is, I want to gift the remaining amount (Rs.25 lacs) to my brother or investment. Will I get any tax exemption? will my brother have to pay any tax on the amount received?
Regards,
Prashant.

CA Mohit Bansal

CA Mohit Bansal (Expert)
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22 January 2014 Hi Prashant,
The capital gain of Rs. 22.5L will be taxed in your return and rest in your mother's return.
You will get exemption of Rs. 20 lac invested in other "RESIDENTIAL" property u/s 54.
You will not get any exemption for the amount gifted to your brother however it will not be taxed in your brother's return as gift received from brother is exempt.