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Can Funds from sale of Parental Flat be gifted as Gift Deed by Cash
05-Aug-2023 (In Family Law)
Our parental flat was sold around 6 months back, the amount is kept in Mom's Capital Gains Savings Account. The flat was on my mother's name.
Can she gift this amount to me and get an exemption on the Capital Gain Tax?
Will she have to pay the Stamp duty/Tax, if a Gift Deed of Cash is made?
I am planning to buy a under construction Apartment(Flat) and can use this fund.
She will have to keep the money in the capital gains account/ govt bonds for 3 years if she wants to save the gains tax . However, gifting would be possible after the expiry of the 3 year period . In the meanwhile if she reinvests that money to purchase a house (which should be her only house) she won’t be taxed. This house can then be gifted to you after a period of 3 years.
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Adv. Sudarshan Desai
Pune | 200+ Answers
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