Exemptions

No exemption allowed

Purchase in your name

Then at point of sale gift to him and sell it i.e. within 3 years

Dear Sir,

Its must to purchase name in your account only or as joint holder at least to qualify as capital gain exempt. If you gift house to your major son without consideration and than sell the house and purchase new house in his own name than there will not be any tax liability on the said transactions. Subject to Gift Deed on legal stamped paper, notorised and payment of proper stamp duty on documents of transfer of property.

Hi,

You cannot get Capital Gain exemption by selling House in your Name and buying another house in your Son's name. You may chose any of the below options:

1. Sell existing house and Buy a new house in your and Son's joint names;

2. Sell existing house and Buy a new house in your name to claim Section 54 Exemption and then Transfer the new House to your Son via Gift Deed; or

3. First transfer the House to your Son's name via Gift Deed, sell the same and then buy another House in your Son's name

Hello Sir,

In order to avoid multiple taxes and stamp duty expenses, you can buy the new property in Joint name of you and your son.

It will help you claim tax exemption as well as avoid paying multiple times stamp duty.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Dear Sir,

the best practical solutions as per me is to buy the new property in Joint name of you and your son.

It will help you claim tax exemption and reduce the multiple cost of registration and stamp duty.

Please feel free to revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

It is better that you be one of the co owners of the Property in the sale deed