Gifting
anil
(Querist) 28 January 2015
This query is : Resolved
Dear Sir, Background ---------------- A. I have a property (two adjoining flats together) which I wish to sell to either my father (1 unit) or third party (both units) bought in Jun 2006 B. My Father (retired) has a property which he plans to sell to a third party bought in 1980, he also owns a piece of land C. I also have another joint property (first owner my wife, 2nd me) bought in 2007 D. I also wish to buy another property within next 6 months (if I am able to sell both units - refer A) E. I fall in highest tax bracket, so assuming I will get capital gains and my father also will Question : Q1. Is there any way we both can save tax thru gifting or any other provision ? Request your kind advice. Regards
Anil (Male 41)
Dr J C Vashista
(Expert) 29 January 2015
Consult a local CA/ Tax practitioner.
V R SHROFF
(Expert) 29 January 2015
your Tax consultant is best advisor.
Take advantage of spliting profits in two a year half till 31-3-15, half therefter
anil
(Querist) 29 January 2015
May I request a advice on whether both father and son can gift each other at the same time or in a staggered manner (before 31-Mar-15 and after 31-04-2015) i.e. he gifts me the cash before and I gift him the property after.
Rajendra K Goyal
(Expert) 29 January 2015
Consult your tax consultant and discuss in details.
Shailesh Kr. Shah
(Expert) 29 January 2015
there is no exemption of income tax merely gifting of cash each other.
T. Kalaiselvan, Advocate
(Expert) 01 February 2015
Your auditor or a tax consultant will be having better ideas to avoid or restrict the taxes based on the circumstances, you may approach one in your locality for further consultations.
