My father wants to Gift me a self acquired Industrial property to give me my share in New Delhi. He got the leasehold rights & posession of the property in January 2013 after a long 30 yrs wait from DDA. The property was purchased in 1983 in an open auction. But being unable to deposit the amount in time the leasehold & posession was not given untill Jan 2013. Now he got it freehold/ conveyance deed this month only. The construction is done in 2013-14.
We'll pay 6% stamp duty + 1% registeration charges. The deed will be Irrevocable, unconditional, voluntary deed. I want to sell that property & purchase
# Does this stamp duty & registeration charges have to be paid by him or me? Do I have to pay any Capital gains tax?
# I want to sell this property & purchase another Industrial property immediately after gift in the same locality but a better location at equivalent or a bit higher price to start a new seperate business. Do I have to pay 20% Capital gains Tax if I do so?
# If yes what sh'd I do to evade these taxes as I'm already getting a very little share? I don't have any cash with me as I was doing joint business with him & only drawing salary as in traditional business families. Although I'm partner with him & my brother in the firm.
# What are other fast instruments through which he can give me my share, I don't have to pay any tax & I can purchase my new industrial or commercial property without paying high taxes?
I heard about Family settlement deed but somebody told me it takes 1-2 yrs for execution. I can't wait for so long as my father is terminally ill & I have disputes & differences wit my father & brother. My father favours my brother, who infact is a big cheater.
Kind reply ASAP