I'm selling a property which is in my name can I gift all sale proceeds to my parents what will be LTCG impact on me or my parents
i had this property for more than 5 years
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178094 Points)
Replied 13 September 2021
First calculate your LTCG.... Pay the tax liability.....
The balance amount you may gift to your parents (rather good idea), without any further tax liability. Transfer the amount by banking channel; & make gift deed.
Mac
(Consultant )
(27 Points)
Replied 13 September 2021
can i add my parents name while buying a new property will i be able to save complete LTCG
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178094 Points)
Replied 14 September 2021
Yes, if you buy new house property within specified time limit, you will get deduction u/s. 54 of IT act, and not your parents. There is no harm if you have any joint owners, be it your parents, but investment should be yours.
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