FIND THE ANSWERS

long term capital gain tax exemption for Father if he supports the son for the purchase of new house.?

Answer this question

  • long term capital gain tax exemption for Father if he supports the son for the purchase of new house.?


Answers

Answer #1 | 15/12 2013 14:17
The sale the gift are 2 separate events.
Answer #2 | 15/12 2013 19:52
To save Long Term Capital Gains your father must buy the new house in his name only and not on your name. After purchasing the house in his name and registering the same in his name, then he can gift the house to you. That is all. If you are planing to buy the house after two years, then your father should deposit the amount in the capital gains account now or before he files his returns during 31st July 2014. If you are still having droughts, then please contact your CA or contact any Income Tax consultant in your area.

Possible answer