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I had sold my residential property & earned capital gain, as per IT rules to save tax on this capita
20-Oct-2023 (In Property Law)
I had sold my residential property & earned capital gain, as per IT rules to save tax on this capital gain I have to construct or purchase property in my name, my mother having a property in her name in lucknow ( purchased long back by parents by their own earnings) , I want to construct house on my mothers property, but as per IT rules it should be in my name. I have a sister & she is married & setteled with her husband. Now my query is . 1- can I construct house on mother's property without any changes in title. 2- if required changed in title then what is the cheapest way & how to calculate charges?
The transfer of title of the property can only by way of registered sale deed or registered gift deed. in sale deed you can show that you have purchased the house from your mother and you can show the consideration / sale amount for the purpose of saving the capital gain but in that case after the sale deed your mother will face the same situation. so it is better and advisable that your mother will transfer this property through registered gift deed but for the registration of gift deed you have to pay the requisite stamp duty and other charges.
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Adv. Rajeev Srivastava
Ghaziabad | 400+ Answers
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Yes so you can definitely get the house constructed on the said property of your mother I would further like a some more relevant information for better discussion of the matter can you get back to me so that we can discuss it at length and provide you with a better response
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Adv. Shruti Sahu
Lucknow | 100+ Answers
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your name then you can house then you have the exemption of the capital gain in the name of your mother the property transfer in your name then you can make your own house and take capital gain exemption thank you
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Adv. Himanshu Singhal
Hapur | 25+ Answers
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