Sale of parents house and buying a new one – What are the tax implications ?

POSTED BY shubh ON November 6, 2014 11:23 am NO COMMENTS

Dear experts,

We are selling a flat owned my mom (22yrs old flat)  and plan is to buy 3 flats  from amount received from the sale and taking the loan for diff amt. Now our family has decided to buy a flat for my Mom and divide the rest of the amount between me and my brother so which can be used to buy flat for us. we( me & bro) will be getting around 30 lacs each.

Now wanted to know the tax implication for my mom and us?

We have identified the new flat for my mom and yet to do for  me and bro hence wanted to know if we can park amount some where for say 3 to 4 months till we identify the flat without attracting any tax or is should we keep the the money which we are going to get in our mother’s name till we identify the flat

Also if  my understanding is correct the money which i & my brother get from my mom is not taxable if it is treated as Gift, but what implication it will be on my mother as she has no income of her own . and transaction will from her bank a\c to ours.

Please advice

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