FAMILY PROPERTY

Querist : Anonymous (Querist) 26 May 2011 This query is : Resolved
SIR,

MY MAOTHER'S NAME HAS SOME IMVOVABLE PROPERTY(TWO FLATS)APPROX. COST IS 50 LACS.

WE HAVE TWO BROTHERS AND TWO SISTERS

I WANT TO KNOW FOLLOWING:-
Q.1IF MY MOTHER WANTS TO SELL ABOVE FLATS AND DISTRIBUT MONEY IN MY BROTHER AND ME .
IS IT ANY TAX LIABILITIES CREAT FOR ME AND MY BROTHER.

2. IF THEY DISTRIBUTE ABOVE MONEY AND WE PURCHACHED ANOTHER PROPERTY FROM ABOVE MONEY. THERE ANY TAX LIBILITIES CREAT.

SUGGEST BEST WAYS FOR ABOVE

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R.Ramachandran (Expert) 27 May 2011
If your mother sells those properties, then capital gains tax will get attracted in her hands.

If the capital gain is not invested in purchasing the property in your mother's name, then she will not get the benefit of exemption under Section 54.

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