Tax to be paid on property

1. if mother's share in property defined as 50% then yes sales consideration for her is Rs. 45 Lakhs , amount paid to uncle is considered as out of sales consideration thus use of such amount by uncle is no matter.

2. yes you can open capital gain saving scheme account and part amount for purchase property in next 2 years and save tax but if you not purchase property then the amount will become taxable.

3. prepare your mind to buy or not property today and then deffer the event but decided later is not advisable.

Hi,

Your mother will be liable to pay capital gain tax as per her proportionate share in the property.

You can invest in NHAI/REC bonds with 3 years lock-in. You have to invest it within 6 months from the date of sale.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

Hi,

Your mother's share is presumed to be 50% as per law, unless you have any documentation to prove that she owned only 33.33% of the house. This could be even a clause in the sale / purchase agreement or you could get an agreement to be signed between your mother and uncle the proportion of the ownership.

1. The tax she will have to pay will depend upon what was her share in the cost of acquisition of Rs. 40 lacs. This could be 50% (presumed by law) or 33%, depending on what you can prove. Accordingly, the capital gain will be calculated.

2. You can postpone the decision to buy a house for 2 years (in case of constructed property) or 3 years (in case of under-constructed property). Till that time, the money will have to be kept in a Capital Gains Savings Account, which can be opened in any bank.

3. If you do not want to buy a property, then you can invest in Capital Gains Bond Scheme for 3 years. However, the interest arising out of such bonds is taxable.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Sir if you can send the details of property to modani005@gmail.com

Hi

1. The amount of tax to be paid by your mother would depend on her share in property. If the share was 50%, capital gains have to be paid according to 50% amount only irrespective of the fact that she has taken a lesser amount.

2 n 3. You can invest in 54EC notified bonds for 3 years; investment has to be made within 6 months of sale of property. Or else, you can deposit the money in Capital Gain Deposit Account before due date of return filing if you wish to buy a new property withing 2 years of sale.

We can help you in return filling. This could be done over phone and email conversations.

Sorry..I don't know anyone in Pune.

Hello,

You can meet Mr. Neeren - 9423076564/- or Mr. Amol - 8421554664/- in pune as per your convinience.

Trust this clarifies your query.

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

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

In which locality would you prefer one ? or you are fine travelling within pune ?

sorry not any known CA in Pune, but you can discuss with any CA all of the India