Buying property in the name of 2 daughter

at your mercy (Querist) 02 November 2024 This query is : Resolved
I intend to sell a property that is my name at Madurai .TN and buy another plot at Chennai in the name of my 2 daughters .
May I directly pay to the seller from the proceeds of my sale of property? Or will the amount to be transferred to my dayghters equally in order to pay the seller?
please advise thanks Ramesh

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Ramesh is looking to sell his property in Madurai and buy a new plot in Chennai under his two daughters' names. He's seeking advice on whether he can directly pay the seller using the funds from his property sale, or if he needs to transfer the money to his daughters first. The consensus is that he can directly pay the seller on behalf of his daughters, especially if he plans to claim Long Term Capital Gains (LTCG) benefits.

T. Kalaiselvan, Advocate (Expert) 02 November 2024
If you are planning to avail LTCG then you can show this purchase of property on your daughter name as funds from sale proceeds of selling of the other property.
You can pay that directly on behalf of your daughter.

Advocate Bhartesh goyal (Expert) 02 November 2024
You can pay sale consideration directly to seller on behalf your daughters.

at your mercy (Querist) 02 November 2024
Respected learned advocates.Thanks for your adivise.I am showing this LTCG.

kavksatyanarayana (Expert) 02 November 2024
You can pay the sale amount to the seller for your daughters. Proceed.

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