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Can I gift my property to my two sons to avoid capital gains taxes?

Vipul Bhavsar |86 Answers |Ask -Follow

Tax Expert - Answered on Mar 04, 2025

Vipul Bhavsar is a chartered accountant from The Institute of Chartered Accountants of India. He has over 16 years of experience in corporate advisory, taxation and financial reporting.
His interest areas are consulting, income tax, GST and due diligence.
He founded his CA firm, V J Bhavsar and Associates, in 2010 through which he offers services like virtual CFO, trademark registrations, company /LLP formation, MIS reporting, audit, tax and TDS compliances, accounts receivable/payable management and payroll processing.... more

Question by Shyam on Feb 27, 2025Hindi

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You can gift the property to the 2 sons first and then sell the property very easy to get 2 exemption s

Ans: Dear Shyam,
Please explain your question.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have inherited a house from my father after his death. As I have 2 adult children, can I will or Gift it to any 1 child or being an inherited property, I have to give 50% to each child?

Ans: An undivided property that has been passed down from father to son for at least four generations is referred to as an ancestral property in India. In case of ancestral property, you do not have a right to deny any one or more of your legal heirs of their share. In your case, as written by you, it is only an inherited property passed down to you from your father. You thus have the absolute right to Will or gift it the way you wish to.

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If a father transfers his house to his son through gift deed and then if the son sells that house within a year of receiving and buys another property. Then can the son get tax exemption on LTCG ?

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Question by saurabh - Sep 16, 2024Hindi

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Dear Sir/Madam, My father is 80 Years old retired pensioner from Central Govt department. He is having one ancestral property which is being sold with Amount Rs.29lacs Approx. Now he want to transfer this amount equally between 2 Sons. Please advise how to handle this entire transaction process to avoid any tax implications from both end. One of his son having home loan running and currently under tax slab of 30% and other one is under tax bracket of 20% but not home loan in his name yet only Personal Loan and Car loan. Please guide. Hope I can able to explain the situation up to some extent.

Ans: 01. In absence of information, I suppose the property being sold is a Long Term Capital asset.
02. Please work out Cost of ancestral property, so that you can work out Capital Gain on it, after reducing the same from sale amount of Rs.29.00 lakhs.
03. LTCG will be taxed @12.50% with Indexation or @20.00% with Indexation. You can choose the option, where the LTCG is less.
04. Your father can Gift the amount to both sons without any tax implications. The Gift should be by cheque or online transfer and not in cash. Better if proper document for gift is prepared.
05. Both sons may use the gifted money in the way they like, including re-payment of loans, either housing or other loan.
Most welcome for any further clarifications. Thanks.

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