Joshua Dsouza (160 Points)
30 August 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 30 August 2024
Have you invested your part in the new property purchased?
jagdish chhugani
(engineer)
(1004 Points)
Replied 30 August 2024
WHO PAID MONEY FOR ORIGINAL PROPERTY? 1ST NAME IN PROPERTY.
WHEN SOLD BOTH OF YOU RECEIVED MONEY, WHAT IS INVESTMENT SHARE PERCENTAGE?
WHEN YOU FILE RETURN - CAPITAL GAIN SCHEDULE - YOU NEED TO INSERT 1ST NAME AND SECTION 54 APLICABLE TO 1ST HOLDER
IN YOUR CASE 1ST YOU HAVE TO PAY LTCG TAX THEN GIFT MONEY TO WIFE, THEN SHE CAN BUY IN HER NAME.
WHEN YOU BUY NEW PROPERTY THEY WILL TALLY WITH STAMP DUTY DEPARTMENT.
BETTER YOU BUY IN YOUR NAME THEN GIFT TO WIFE.
The stamp duty on gift deed in Maharashtra is 3% of the property’s value, as per Article 34 of the Maharashtra Stamp Act. However, if the property is gifted within the family (to husband, wife, son, daughter, grandson, grand-daughter, or wife of a deceased son), the stamp duty is Rs 200 for residential or agricultural properties. This amendment was introduced in 2017.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 30 August 2024
Q1. Whether the value of property is below 50 lakhs?
Q2. Whether the seller will accept cheque from you?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 30 August 2024
Will the seller accept TDS deducted by you when you are not part of purchaser?
V K Vijayaraghavan
(PRACTICE)
(206 Points)
Replied 02 September 2024
My simple answer is no problems both can claim . Please ensure the proceeds of the sale was credited in both your and your spouse account or a joint account ( to avoid any kind of presumed gift that will complicate ) and cheque/ bank transfers were made from the bank while reinvesting within the stipulated time . There are many case laws support this kind of transactions.
CAclubindia
