Stamp duty on gift deed & income tax on selling propert
My mother has one immovable property in her name in Rajasthan & she does not have pan card. I want to know the best way of using amount of selling that property.
1. should my mother gift it to me & pay stamp duty on it. then I will sell this property & invest the amount received from it to purchase flat in Delhi & NCR. OR
2. My mother should sell it & pay income tax on it & then i will use that money to purchase flat in Delhi & NCR. What would be the best way ? Is there any other way we can go to sell property & save tax on it?
If your mother gifts property to you it would attract 2% stamp duty. In addition registration charges would have to be paid. Then if you sell property it would attract another 5% stamp duty and registration charges. Best bet is for your mother to sell the property. If mother is holding on to it for number of years it would attract long term capital gains. Then your mother can purchase flat in joint names you would be joint owner of flat.
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- Want to apply for maternity leave also entitled to get 2months salary
- question about cases in regular hearing in Delhi High Court
- Are any permission needed to translate govt. rulebook
- If other party fail to pay agreed amount what legal action can I take
- Non compliance of rcr decree what legal action can we take