property

arijit (Querist) 03 August 2009 This query is : Resolved
There is flat in Kolkata in the name of an Individual (Sole Owner). He wants to sell the flat and purchase another flat in the name of his son. His son has recently started working in a Company with a very minimum salary. What are the possible procedures to be followed, so that there is least Tax & legal implication? Can it be given by way of Gift?

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charudureja (Expert) 03 August 2009
he can sell the flat and buy a new one on the name of his son and it can be a gift to son but then he will have to declare from where he got hte money and if this flat was bought less than 3 years thn this is short term gain n he wil have to pay the interst if he gets more mnoney than he had invested in 1st flat but if the prices are same then then he will not come under tax net

Kiran Kumar (Expert) 03 August 2009
charu g, i am doubt ful of ur reply.

let some tax expert give reply here.

Y V Vishweshwar Rao (Expert) 03 August 2009
Dear Kiranji

Mr Cahru Appears to be correct however the same is to be confirmed by any Tax Practioner or Chartered Accountant !