Sir
My Client has purchase a flat with his brother ( jointly),but later first holder has transfer the right of Property to his brother.
The Brother has paid 50% of consideration
My Question is
what would be tax implication on Transfer
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Transfer of Property amongst blood relation
Replies (1)
it will be charged to capital gains tax for surrender of share in the hands of receiver.
however exemption can be claimed by investment of capital gain in tax savings capital gains bonds under 54EC upto RS.50lacs or investment in residential property
however exemption can be claimed by investment of capital gain in tax savings capital gains bonds under 54EC upto RS.50lacs or investment in residential property
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