long term capital gain tax
joydeep chatterjee
(Querist) 09 March 2010
This query is : Resolved
MY FATHER DIED INTESTATE.NOW AS PER INHERITENCE ME,MY MOTHER & YOUNGER BROTHER ARE THE LEGAL HEIR OF MY FATHER'S HOUSE.DUE TO SOME REASON WE WANT TO SELL THE HOUSE.NOW AFTER SELLING I WILL BUY A HOUSE IN MY NAME ONLY.NOW THE MATTER IS THAT OUT OF THE SALE PROCEDDINGS WE THREE ARE THE 1/3 SHARER OF THE AMOUNT EACH.IF I PURCHASE THE HOME IN MY NAME ONLY THEN MY MOTHER & BROTHER WILL COME UNDER LONG TERM CAPITAL GAIN.BUT WE WANT TO UTILISE THE FULL AMOUNT FOR PURCHASING OF NEW HOME.MY QUESTION IS TO HOW TO SAVE CAPITAL GAIN TAX FOR MY MOTHER & BROTHER OTHER THAN INVESTING THEIR PORTION IN ANOTHER PROPERTY OR INFRASTRUCTURE BONDS?
PLS HELP.ITS URGENT.
A V Vishal
(Expert) 10 March 2010
You have stated you want to fully invest the net consideration amount to purchase a new house, it is advisable to jointly purchase the property since you are not interested in investing in tax bonds or other property. If you purchase the property in your sole name then there is no other option than paying taxes.
adv. rajeev ( rajoo )
(Expert) 10 March 2010
when you all want to utilise the full amount why dont you all purchase the property jointly?
Except this there is no other way to save the tax.
Raj Kumar Makkad
(Expert) 10 March 2010
I agree with the opinion of my expert friends
soumitra basu
(Expert) 12 March 2010
You should purchase the property jointly in the name of yours, mother and brother. Then only you can save tax.
