| Question And Answer | |
|---|---|
| Subject: | LONG TERM CAPITAL GAIN ARISING ON SALE OF RESIDENTIAL PROPERTY INHERITED, CAN THE AMOUNT BE INVESTED IN ANOTHER PROPERTY IN THE NAME OF CHILD VIZ MARRIED DAUGHTER. |
| Category: | Income-Tax |
| Querist: | C P MALIK |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Long term capital gains, married daughter |
| Date: | April 30, 2023 |
I SOLD THE RESIDENTIAL PROPERTY WHICH I INHERITED FROM MY PARENTS AND EARNED LONG TERM CAPITAL GAIN ON SALE OF THIS RESIDENTIAL PROPERTY. I WANT TO INVEST THE CONSIDERATION ON PURCHASE OF ANOTHER RESIDENTIAL PROPERTY IN THE NAME OF MY MARRIED DAUGHTER. WHETHER I CAN CLAIM EXEMPTION OF CAPITAL GAIN ON SALE OF RESIDENTIAL PROPERTY OR IS IT NECESSARY THAT I MUST PURCHASE IN MY NAME. SECONDLY CAN I PURCHASE JOINTLY IN MY NAME WITH THE NAME OF MY MARRIED DAUGHTER. PLEASE SUPPORT YOU ANSWER WITH PROVISIONS OF I T ACT AND CASE LAW, IF ANY, ON THE SUBJECT
It is advisable to purchase the property in your own name with the second of your daughter to avoid any unpleasant scenarios.
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org