Tax on inherited property
Rohit Telang
(Querist) 09 February 2012
This query is : Resolved
Sir,
Iam residing in Mumbai in a chs.The flat was owned by my father,who passed away 2 years ago without a will.Now the flat stands in my mothers name,who stays with me.I have one married sister.Now my sister wants 1/3 value of the flat.We plan to sell the flat to give her share of the flat.My mother is ready to give half of her 1/3rd share to me now and half after her death.I wish to do a seetlement deed for this to avoid future litigations.
I want your advice on how we can avoid the tax implications after selling the flat.I do not or cannot purchase a flat in Mumbai with my share,however I can purchase a shop in Pune, where I wish to settle,with my share.Please let me know how to avoid the tax.Is gift deed a better option?
M/s. Y-not legal services
(Expert) 09 February 2012
"pay tax".. by paying tax you are also standing as one of the pillar to our government..
if all of us try to escape from paying tax mean?
just think.,
-tom-
ajay sethi
(Expert) 09 February 2012
let your mother make a will .shecan bequeath the flat to you and your sister equally .
if you sell flat you have to purchase another resiodential property or pay tax
Raj Kumar Makkad
(Expert) 09 February 2012
In the given facts, tax liability cannot be avoided without purchase of residential property within 3 years at any place in India.
prabhakar singh
(Expert) 10 February 2012
It is better to sell the house jointly by you all three and each one of you would be paying long term capital gain taxes separately for 1/3 of consideration.Those among you keep this money reinvested within three years in immovable property shall not be liable to pay any tax.There can not other way to avoid taxes.
