Capital gains from property sale
My mother is about to sell her house property worth Rs 1crore 60 lakhs and planning to buy an apartment for the same amount before this financial year ending to avoid capital gains tax.
My question is----Is it mandatory to park the amount received by her on the sale of her property in capital gains savings account or can she put the amount in her existing savings account, because she is going to buy another house property within this financial year and don't want to open capital gain savings account as it is very tedious program.
can she register the new property jointly with me, because she wants to include my name also in the registrar document as Iam her son. If so, what is the tax liability. She will be the first holder and I will be the second holder of newly purchased property, if we jointly register the newly purchased property. Can we do that without any capital gains tax on the property sold by her.
Asked 1 year ago in Capital Gains Tax
My question in the nutshell---- Is it compulsory to open CAPITAL GAINS SAVING ACCOUNT to park the funds received from the sale of house property even if we buy another house in the same financial year before filing the income tax?
Asked 1 year ago