sonali (student) (43 Points)
10 September 2012Sale of house property 2012-13 : 60 lakhs
Index cost of acquisition: 20 laks
1. To save tax can i give 10% commission/brokerage to my major son/daughter(or some person i have confidence) not earning any income: 6 lakhs LTCG will be saved ???
2. Say i have loan of 15 lakhs, can buyer of new house repay my loan to that extent and purchase new flat for 45 lakhs. Thus i will save 15 lakhs of LtTCG ??? (Buyer is willing to do so)
Dheeraj
(Learner)
(1100 Points)
Replied 11 September 2012
1) Only the transfer cost(Stamp papers Normally) and Indexed Cost of Acquisition & Improvement is allowed to deduct from Sale Proceeds. So, you can not transfer your LTCG to near relatives.
2) If loan is to be paid by New Buyer of house, It does not mean that sale proceed will become 45 lakh (60-15)
The sale proceed will be ₹60,00,000/- as before, in this case also.
If you want to save tax, Purchase another land (commercial against commercial, or Residential against residential) before filing Income Tax Return. You will get the exemption u/s 54
CAclubindia
