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Selling and buying of property
14-Apr-2023 (In Property Law)
Hi I have a question related to my fathers only property which he wants to sell and from the proceeds he want to purchase property in my mothers name ,is there any tax implications as the property which he is selling is more than 20 years old.Please suggest ..thanks a lot in advance...
Tax implication will be there depending upon the amount of sales proceeds of the existing property.Again depending upon the purchase value of the new property , tax implication will be there.However, it is a common practice.You may contact lawRato for further instructions.
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Adv. Goutam Majumder
Kolkata | 200+ Answers
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Selling the property and the proceeds there from is an income from capital gains though there is no problem if such proceed is invested to purchase other property. But now a days another issue has arisen with respect to the valuation of the property and the consideration amount of the sale. If the market value of the Government is appeared to be Rs. 100/- but you sell the property at Rs. 90/-, seller while calulating the taxes from such income shall have to explain about the balance of Rs. 10/- as well. Hence consult to a tax consultant accordingly. All the best. Regards
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Adv. Ujjal Kumar Ray
Kolkata | 200+ Answers
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