Shift to my son's house
RAMAN
(Querist) 25 July 2015
This query is : Resolved
I and my wife aged above 65 ,lives in Ahmedabad ,in house owned(in my wife'name) by us. My son's (our only son, no other child) family will be shifting to their second house near to their office(both in Maharashtra). Both the house are under long term loan from private banks .They are thinking of selling their first house to settle part payment of new house loan. We suggested them that we sell our Ahmedabad house and shift to their old house , and from this realisation (sale of Ahmedabad house) make payment of their old house house and clear of loan liability. By this we will be near to our son as well as keep the property being sold. Our settling his loan liability can be effected under normal course or by through with help of some legal documents? My quiry is can capital gain of sold property be offsetted some way ? Do we need any document for this shifting ? My son is ready to execute required deeds for this . Can a MOU or LEASE agreement or through a POA can this transfer effected ? As it is a general quiry I am not submitting any files.
SAINATH DEVALLA
(Expert) 25 July 2015
At the time of sale of any long term capital asset,the gains are very large and can be taxed at 20% of the value.However the govt has given the option of claiming exemption fo paying this capital gains tax,if the tax payer reinvests the amount, and exemption can be claimed u/s 54,54 EC and 54 f
Rajendra K Goyal
(Expert) 26 July 2015
Consult local tax consultant and discuss in detail.
