hi--i live in chennai--india my mom sold a flat in my name,?

Question

hi my mom sold a flat in my name--should i pay capital gains,if yes,whts the percentage,also i wud like to purchase a property against it so that i can minimise the total amount--if i can do that-how soon after the time the flat was sold should i buy it .thanks a million india--tax-capital gains

Answer 1

If it is a gift there is no tax to be paid now , however any income derived from the flat is taxable and needs to be paid by you.

If you have paid any amount dor the flat , your mother pays tax . 20 % if flat was solt after 36 months of purchase, 30 % if less than 36 months.

Answer 2

you are responsible for whatever done in your name

you have to pay not only capital gain but also all other dues to the authorities.

better consult a charted accountant

Answer 3

best thing is to contact a charted accountant and take his help.this is not a reliable platform.