MATHEW
04 September 2009 at 15:26
(1)I have 2 flats in my own name. The first one was purchased in 2003 at a cost of rs.5 lakh. I want to transfer one of the flat in the name of my wife. What is the best mode of transfer with out any money transaction ? What is the income tax implication ? (2) If I sell the flat, using that money can I buy a flat/property in our joint name or solely in her name as a reinvestment with out paying capital gain tax ? (3) Can the money got by selling a flat can be used for buying land as reinvestment with out paying capital gain tax ?
Gift deed
(1)I have 2 flats in my own name. The first one was purchased in 2003 at a cost of rs.5 lakh. I want to transfer one of the flat in the name of my wife. What is the best mode of transfer with out any money transaction ? What is the income tax implication ? (2) If I sell the flat, using that money can I buy a flat/property in our joint name or solely in her name as a reinvestment with out paying capital gain tax ? (3) Can the money got by selling a flat can be used for buying land as reinvestment with out paying capital gain tax ?