capital gains on sale of house property
This query is : Resolved
05 July 2010
dear all
if a person (senior citizen ) sold a self earned house property and distributed the proceeds to his children ,would it attract capital gain tax.. I know it would but are there any other ways or tax evasion ..
if a person (senior citizen ) sold a self earned house property and distributed the proceeds to his children ,would it attract capital gain tax.. I know it would but are there any other ways or tax evasion ..
05 July 2010
Though he can do so on their marriage :)
Sunil Kr. Sanganeria
(Expert)
05 July 2010
senior Citizen has ro pay tax on income earned from sale of self occupied property. The tax rate depends on long term or short term [profit. If the profit is long term he may claim deduction under section 54 of the Incoem Tax Act provided he invest in some other property.
He can gift the amount received from sale of house property to his children.
He can gift the amount received from sale of house property to his children.
05 July 2010
he has to pay tax if LTCG or STCG exceeds max exemption limit however distribution of money among childerens is not taxable U/s 56 because it is a gift from relative , one more thing he can do to save tax by buying 54EC bonds with in 6 months and realised money after 3 years and distribute it to childerens
CA.ViVeK M ACA
(Expert)
05 July 2010
1.Sale of property will attract the capital gain tax.
2.Tax rate will be depends upon Long term or short term
3.If it is a Long term nature then deduction shall be available under section 54 to the extent of investment in New residential property.
2.Tax rate will be depends upon Long term or short term
3.If it is a Long term nature then deduction shall be available under section 54 to the extent of investment in New residential property.
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