Capital gains tax

gurinder singh (Querist) 17 December 2020 This query is : Resolved
My mom is 82years old. She sold a residential property just now.
Can she buy new residential property in my name or my son's name and still get the benifit of capital tax exemption.

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Isaac Gabriel (Expert) 17 December 2020
She can purchase and gift it to her son to get tax exemption.

Rajendra K Goyal (Expert) 17 December 2020
She should purchase in her name and gift / will in favor of person she want.

K Rajasekharan (Expert) 18 December 2020
Capital gains tax exemption is applicable to a person who sells his residential house and acquires another residential house from the sale proceeds, within a period of two years after the date of transfer of old house, or constructs a residential house within a period of three years from the date of transfer of the old house

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Rajendra K Goyal (Expert) 18 December 2020
Fully agree with the advice from expert K. Rajasekharan, you or your son are different assesses under Income Tax.

gurinder singh (Querist) 18 December 2020
Recently ITAT ruled in favour of an old age assessee in such case. It was in newspapers.

Dr J C Vashista (Expert) 19 December 2020
I fully agree and appreciate opinion and advise of experts Mr. K Rajasekharan and Mr. Rajendra K Goyal.
She will not be taxed for capital gains within 2 years of purchase of the consideration received.