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Income tax on sale of property obtained by gift deed

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(Querist)
21 June 2011 Hi,

My uncle has an ancestral plot which he wants to do a gift deed to his son. My uncle has no other property in his name. They want to sell a part of the property and invest in some other property. His son has a flat in his name.

Which are the beneficial options to pay less tax on the capital gains earned from above?
1. Is it good to do the gift deed on the land and then sell the property.
2. Is it good to sell the property himself and buy a new property and then gift that to his son.

Please advise as soon as possible.

Thanks and regards,
Sravanthi.
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
21 June 2011 SECOND OPTION IS GOOD PL INVEST IN A RESIDENTIAL HOUSE TO GET EX UNDER SECTION 54F

CA MANOJ GUPTA
JODHPUR
09828510543
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