Legal Question in Real Estate Law in India

my mother in law has sold her flat in which she was living and has come to stay with us, we are also seeling our property and buying a bigger flat, she has given me all the money from the sale of the flat, now what i wanted to know is that is she liable to pay capital gain tax, she is retired and stays at home, she is not buying any property, but has given the money to me to buy a bigger flat in which her name does not appear, the flat is in the name of me & my wife i.e. her daughter


Asked on 10/10/11, 6:39 am

6 Answers from Attorneys
Prof.Somnath Mukherjee s.mukherjee associates,09874053359

CONTACT TO THE TAX LAWYER

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Answered on 10/10/11, 7:51 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

As advised before, you may include her name as a co-owner.

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Answered on 10/10/11, 9:20 am
Shrichand Nahar S.V.Nahar, Advocate

Consult a CA.

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Answered on 10/10/11, 9:23 pm
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

in case the flat she sold was purchased more than 3 years back, she is not liable to pay any capital gain tax on the inflated value of property.

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Answered on 10/10/11, 10:31 pm
Jayesh Desai Jayesh Desai

1. She will be liable to Capital Gains - subject to indexation.

2. You should include her name in the new flat to avoid Capital Gains Tax.

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Answered on 10/11/11, 2:39 am
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

include her name as a co owner .....

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Answered on 10/15/11, 10:53 pm


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