How to avoid capital gains?

Tax queries 221 views 6 replies

Hi,

I have received a gift property from my father and kept it in mortgage loan for my business. Unfortunately, I have lost a lot of money in business because of backstabbing and negligence factors. Now the EMI is about 8 lakhs in total for a total 5 cr loan. Now I am exhausted with further funds to repay. The property worth is about 6- 7.5 cr. but as the market condition is not good, people are asking it for cut throat pricing of 5cr. only.

If I even sell it, I end up closing the loan but I need to pay capital gain of 30% on the sale. I have my own brother in the US but most of the bank's are avoiding NRI mortgage / purchase loan. Can someone help me out with your valuable suggestions which could save me from this hell. I wanted to come out clean without spoiling my cibil history nor any loss of reputation. 

Could you please evaluate my situation and gimme some wayouts to come safely without any hassles from IT or govt. Can a brother buy the property from his own brother? If I sale to anyone / my own brother, will it attract capital gain ? If anyone has questions for me, I am more than happy to answer them immediately. Your help/ advice is much appreciated and would prove a life saver!

 

Replies (6)

As per I experienced you cannot escape from the Income Tax  In above Situation, In case if you sold the said Property to other than your Brother.

 

And Also You have to pay flat 20% of Income Tax after considering the indexation

 

If You sold to your Brother, you can Avoid the income Tax and as well as your Loan thing

 

If You wanna More Information about it Contact us

 

Web : www.aonetaxassist.com

Email: a1taxassist @ gmail.com

Ph:7892250850

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gift it to your brother by executing a gift deed and in lieu get the value of the property from your brother.
Ramakrishnan sir, but when brother sends such huge money on what grounds I can accept or substantiate and how would I close such huge loan ?
Thank you so much for your valuable advice sir. My brother can't pay that huge amount at once cause he has availed some property loans over there. Seeking more intellectual options or advices...


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