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?

Answers (1)

101 votes
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.

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