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Vipul Bhavsar | Answer |Ask -Follow

Tax Expert - Answered on May 15, 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 Jeetendra on Apr 25, 2025

Money

Paying full amount to purchase flat in son name . Me in Government Job , Sons in Private / MNC job . All 3 in India. Pl. tell tax and TDS issues if any

Ans: You can give the amount, kindly execute a gift deed

Vipul Bhavsar
Chartered Accountant
www.capitalca.in

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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Asked by Anonymous - Mar 08, 2023Hindi

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Hi Sir we are planning to go ahead with a flat whose value is 3.35 crores in cheque. We plan to pay around 1.5 crores from savings and balance in loan. Recently my father who is 80 years old sold a property in Pune and has got 71 lacs for the same. We need to invest this money in the new flat for Capital Gain purpose and also as a part of the 1.5 crores down payment. Balance all payment will be made by three of us. Primarily me and my wife and also my son. Since I am 53 years old and my wife is 50, my bank asked me to add my sons name also. My question is : Do I have to buy the flat with my father as the first name or can he be a joint/ second name? My question comes from the fact that I will be paying back most of the loan from my salary.

Ans: Your father can be at any order in the property holding (first, second, anything…). His contribution in percentage terms will be counted as his share of the property.

Let us say, out of the Rs 71 Lakhs of the sale price, the Long Term Capital Gains is Rs 33.5 Lakhs and that is the one which is invested as his contribution in the new property that you are buying. So he saves complete tax on LTCG, and his share in the property becomes 10% as 33.5L is 10% of 3.35 Crores.

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Tax Expert - Answered on Sep 11, 2023

Question by Ramakrishnan - Sep 05, 2023Hindi

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.

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Tax Expert - Answered on Jul 24, 2024

Question by Rahul - Jul 23, 2024Hindi

Money

Sir My parental property is divided into two shares (Brother& Sister) and we sold it in 1.18 crores.If the registry will be for 96 lakhs both of us will get,48 lakhs out of which if I will purchase flat for 26 lakhs and registery will be done for 2 lakhs and taking shop on rent for 40000/- On my 20 lakhs tax will be levied or it will be under exemption Please guide

Ans: Tax will depend on cost of acquition of original owner

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Tax Expert - Answered on Jan 29, 2025

Question by Padmanaban - Jan 26, 2025Hindi

Money

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.

Ans: Reporting will be done by the property registrar and not by buyer/seller.

If father give gift to son of substantial amount, it is advisable to execute the gift deed.

As son don't have any income source in India, department may ask source of money and which can be explained by you with proper documentation.

Vipul Bhavsar | Answer |Ask -Follow

Tax Expert - Answered on Apr 04, 2025

Question by narayan - Feb 13, 2025Hindi

Money

i had purchased flat in 2006 for 3.6 lacs on my spouse name and sold in nov2024 for 14 lacs .money received on spouse name .i pay tax regularly under 30% bracket. spouse does not cross taxable income tax limit. Do i may LTCG tax and option if any to save tax? can I gift this to son or any thing else pl advise?

Ans: You may claim Exemption for Long Term Capital gain

Section 54 - If old asset sold was residential house
New residential house is purchased within 1 yr before or 2 years after the date of sale or constructed within 3 years from date of sale (This house must not be sold within 3 years from date of purchase, if sold entire Tax said saved shall be repayable
Investment amount shall be Long-Term Capital Gain OR Cost of a new asset, whichever lesser

54EC
Purchase of NHAI bonds or RECL bonds, redeemable after 5 years. Maximum sum allowed is Rs.50 Lakhs
Investment to be done within 6 months from date of sale

It is strongly advisable to consult CA to understand tax liabilities
Vipul Bhavsar
Chartered Accountant
www.capitalca.in

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My married ex still texts me for comfort. Because of him, I am unable to move on. He makes me feel guilty by saying he got married out of family pressure. His dad is a cardiac patient and mom is being treated for cancer. He comforts me by saying he will get separated soon and we will get married because he only loves me. We have been in a relationship for 14 years and despite everything we tried, his parents refused to accept me, so he chose to get married to someone who understands our situation. I don't know when he will separate from his wife. She knows about us too but she comes from a traditional family. She also confirmed there is no physical intimacy between them. I trust him, but is it worth losing my youth for him? Honestly, I am worried and very confused.

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Hi Anu, My husband doesn't do house chores. We both work full-time, but I still end up cooking, cleaning, and doing laundry. When I ask for help, my partner will say, ‘Just tell me what to do,’ but then he conveniently forgets. Maybe he doesn't like it or he is genuinely forgetful. I have tried many ways to make him explain. Once I only did my share of laundry to make him realise but he simply ignored. Every week this pattern repeats. Is this normal? How can married couples divide responsibilities fairly to avoid fights?

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My son will be appearing for JEE Main & JEE Advanced 2026 and will participate in JoSAA Counselling 2026. I request clarification regarding the GEN-EWS certificate date requirement for next year. I have already applied for an EWS certificate for current year 2025, and the application is under process. However, I am unsure whether this certificate will be accepted during JoSAA 2026, or whether candidates will be required to submit a fresh certificate for FY 2026–27 (issued on or after 1 April 2026). My concern is that if JoSAA requires a certificate issued after 1 April 2026, students will have only 1–1.5 months to complete the entire procedure, which is difficult considering normal government processing timelines. Also, during current JEE form filling, students are asked to upload a GEN-EWS certificate issued on or after 1 April 2025, or an application acknowledgement. This has created confusion among parents regarding which year’s certificate will finally be valid at the time of counselling. I request your kind guidance on: Which GEN-EWS certificate will be accepted for JoSAA Counselling 2026 — a certificate for FY 2025–26 (issued after 1 April 2025), or a new certificate for FY 2026–27 (issued after 1 April 2026)?

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You need not worry about the EWS certificate. Even if you apply for the next year's certificate on 1 Apr 2026, the second session of JEE MAINS will still be held, followed by JEE ADVANCED, which will be held in May. JOSAA starts in June. so you will have 2 months in hand for fresh EWS certificate.

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I have 2 marksheet one is completed 12th from bio subject and other one is single maths marksheet but both are of same boards, with this marksheet I gave jee, and take admission in engineering college...but now I have a doubt cani eligible for placement drive?

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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.

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