Tax on capital gains.

Prashant (abc) (66 Points)

14 June 2016  

Hello,

I have some queries as below:

1. House no 1 purchased on 06 April 2010 for Rs.3700000 Registered on myself and mothers name. Mother's name is for namesake only.

2. House no 1 sold on 28th April 2015 for Rs.6650000. After selling I gave Rs 5 lacs to my mother. Purchaser issued cheque of Rs 5 lacs directly to my mother's name.

>>>>Is this a short term or long term capital gains?

3. House no 2 purchased on 25th May 2015 for Rs.48 lacs. I have invested the entire profit amount(40 lacs) into my house no 2 except the amount given to mother.

>>>>I want to know whether the amount of Rs. 5 lacs will be considered for taxation? If yes, on whose name will it be, myself or my mothers name?

>>>>If I want to save tax on the Rs.5 lacs, what are the ways to proceed?

Also which ITR should I file to get refund of TDS(1%) occured during sale of property.