transfer of sale proceeds to son for purchase of property
This query is : Resolved
23 January 2017
RESPECTED MEMBERS
CAN AN ASSESSEE TRANSFER MONEY TO HIS SON OUT OF THE SALE PROCEEDS OF HIS PROPERTY FOR PURCHASE OF PROPERTY JOINTLY OWNED BY HIS SON AND YOUNGER BROTHER. WHAT WILL BE THE TAX IMPLICATION IF THE PROPERTY SOLD BY THE ASSESSEE AND THE PROPERTY PURCHASED BY THE SON ARE IN SAME PREVIOS YEAR.
RATHER WHAT IS THE BETTER OPTION.
PLEASE GUIDE.
23 January 2017
Better option will be buy the property in your name and gift it to your sons so that you can avoid capital gains tax.
23 January 2017
THE ASSESSEE HAS ALREADY SOLD THE PROPERTY AND BOUGHT THE NEW ONE IN HIS SONS NAME
23 January 2017
Now what should he do.Please guide.
23 January 2017
He has to pay capital gains tax on sale of property.
25 January 2017
If the assessee had sold the property and purchased new property in the name of his sons then the assessee has to prove that he had purchased new property in his sons name and the payment has been made by him not by his sons.
If the assessee is planning to purchase new property in the name of his sons then the better option is to purchase the new property jointly in his and his sons names rather to transfer money to his son to purchase property by his son jointly with his brother.
If the assessee is planning to purchase new property in the name of his sons then the better option is to purchase the new property jointly in his and his sons names rather to transfer money to his son to purchase property by his son jointly with his brother.
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