Dear experts, I would be grateful for your kind guidance on my issue.
I have constructed a duplex house, on the plot that my father owns. We are two chidren, and my sister has constructed a house on top of the existing house. So the entire building is still rgistered in my father's name. My parents now live in the lower house that I have constructed as I live overseas ( returning back in few years).
My father would like to make gift deed of the properies to me and my sister accordingly, However naturally requires security for himself too, and therefore we are considering the option of gift deed with life interest of my father. I wish to know if, thats the best way to go forward, and if yes what disadvantages could we have? Does capital gain tax apply when at a later point say after 15 years I wish to sell my part?
There is absoulte amicability between all of us, and we want to proceed for the best way method.
Thanks a lot in advance
Dr Girish Babu
