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?

Hi Hi am 68 years old retired government employee in 2002 I had purchase a flat at 3.5 lack. Recently on May 2024 I have sell that flt on 21.50 .all the money I have given to my son who had purchased a new flat.can I pay capital gain tax.if yes then how much.

Hello Mihir I just wanted to ask that, we sold our flat which was in my moms name and now we want to buy two flats in my name so are we liable to pay capital gain tax or not. Is it ok if they buy it in my name and not in my mothers name, please tell me.

I have purchased a flat worth Rs 70 lacs and registered it in my son's name The full amount has been paid from my savings . My son was an NRI at the time of registration and doesn't have income source in India , except maybe Rs 2 lacs in his savings account. I recently came to know that we have to inform , if we purchase any property above Rs 30 Lacs . Will the above transaction cause any Income Tax issues for my son ? I don't not own any other property I have furnished the flat and stay in it whenever I come to Coimbatore I stay in a different apartment in Madurai I don't not plan to rent it out. My reason for buying a property in his name is I am 70 years old and I want to create an asset for him in the future. Is there any submission He or I have to make to I T Dept stating that I have gifted the amount. I am an assessee and file I T Return regularly. My son used to file when he was employed in India . Last 2 years , he is a NRi and doesn't file since he doesn't have any Income . Should I just prepare a Letter for records ,stating I have purchased a Flat in my son's name as A Gift and give details of amount paid by me from my Bank account to the Flat promoter.