Home transfer within family


Hi,

My Mother's Parents expired and their (Parents') house is being sold off. One of the children (my Mother's sibling) has decided to buy the house and is paying off the other siblings equally - hence my Mother will be eligible for a certain amount of money. She is already paying income tax and would not want to ideally pay any more tax on this money

What tax implications does this have on my Mother and what is the best way to deal with this situation (without being illegal and at the same time not wanting to pay tax on this money that is being received)?

Thank you!

Vikram

 
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Retired employee.

As your mother's income slab and levels of income etc., are relevant, contact that Chartered Accountant, that is filing her Annual returns for due guidance.

 
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ha21@rediffmail.com Mumbai : 9820174108

1.  Since House belonged to Parents, the sale proceeds from the house would be classified as "inheritance received" and is not liable for any income tax.

Keep Smiling .... Hemant Agarwal 
VISIT:  www.chshelpforum.com

 
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