Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Tejas

Tejas Chokshi  |126 Answers  |Ask -

Tax Expert - Answered on Sep 11, 2023

Money

Sir, I am nearing the age of 60, I have sold my 20 year old flat now and investing in a new flat but with my son's name this year itself. Will it attract any income tax issues, since investment is in son's name? Please advise?

Ans: Dear Sir, at the time of sale of your old flat, it is required for you to work out the capital gain tax implications. Since, you are investing another property ( presuming residential), you are eligible for deduction had this be in your name. But, since you plan to buy the new flat in your son's name, it would better for you to first buy the property in your name , which will help you to nullify your capital gain tax implications if any and then, you can gift the flat to your son. There would be stamp duty implication at the time of gift deed registrations, but that is still better, instead of directly buying the flat in your son's name directly, which may have higher capital gain tax implications.
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.

You may like to see similar questions and answers below

Mahesh

Mahesh Padmanabhan  |120 Answers  |Ask -

Tax Expert - Answered on May 03, 2023

Latest Questions
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds