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manav sethi (2AE) 12 May 2014

Sale of residential property

Hello ,

We have a house on my grandmothers name . We are selling that house and buying another house of a lesser value . Can the new house be on my fathers name without any liabilities of income tax . Also how the remaining money be exempted from income tax ?

7 Replies

amit (stundent) 12 May 2014

Yes there will b tax the on the amount left after buying new home

amit (stundent) 12 May 2014

Yes there will b tax the on the amount left after buying new home

amit (stundent) 12 May 2014

Yes there will b tax the on the amount left after buying new home

amit (stundent) 12 May 2014

Yes there will b tax the on the amount left after buying new home

amit (stundent) 12 May 2014

Yes there will b tax the on the amount left after buying new home

manav sethi (2AE) 12 May 2014

Hello amit ,

Is there any way how to exempt the tax ? Heard something about 3 years bond with national highway authority and rural electrification authority . Any other thing which can save the taxes ?

T. Kalaiselvan, Advocate (Advocate) 14 May 2014

@Author, you have lot of remedies towards the exemption from paying income tax on such issues, consult a local tax consultant/auditor, take his advise and proceed as per that.

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