My father is selling native property for 1 crore and buying another property – how to handle taxation ?

POSTED BY maxwell gomez ON April 1, 2014 10:40 am ONE COMMENT

my mom and dad is senior citizen and selling the native place property for 1 crore and will buy a property of approx 50lakhs in Mumbai and balance 50 lakhs they will gift me as check..

my question to u is..

1] Out of 50lakhs dad buys property of 30lakh…is balance taxable? and if so how to save it as they are senior citizen..any rebate for them.

2] Can i buy car from gifted money? do i have to pay any tax in future.

3] I heard that money earned from capital gains have to be deposited in Capital Gain Scheme.if we are reinvesting in buying house..but is its mandatory? or can we show the registration proof?..

Thanks in advance

One reply on this article “My father is selling native property for 1 crore and buying another property – how to handle taxation ?”

  1. ashalanshu says:

    Dear Maxwell, please post the details of property like purchase date, purchase price, type of property to get a better answer. In case you do not want to disclose the things in open, please contact over personal e-mail.

    Thanks

    Ashal

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