Sir,
My mother had sold an independent house and capital gain profits works to around rs.37 lacs.
She now indents to gift rs.15lacs each to my two brothers and rs.10 lacs to me. Now my questions:
1. Whether my mother can claim exemption on total profits by making gift deeds in favour of children?
2. NHAI/REC bonds if purchased can be redeemed in favour of the nominee/purchaser after the term
of 3 yrs.
3. My brother plans to purchase a house in near future.
Please advice taxation status of my mother and ours. Thanks in advance.
Shailaja
