I am coowner of two house properties. Recently I have sold my open plot and with the gain can I buy a new residential property to avoid capital gains. Can I gift it to my daughter. Any income tax implication on this. Thanks
Any tax implication if I gift money to my daughter.
Hello,
Yes, you would be eligible for exemption from Capital Gain u/s. 54F, if the sale proceeds from the plot are invested in a residential property within a specified time period.
A gift from a relative as per Income Tax law is exempt from tax.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
There would be no tax on the gift of money or any asset from you to your daughter since gift from a relative as per Income Tax law is exempt from tax.
No you can't as you are already co owner of two properties.
For getting benefit of 54F you need to own just 1 house before investing in new house.
You should have first gifted 1 property from above two and then sold this plot to save capital gain.
You can gift it, you just need to prepare a gift deed.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
No tax implication on that transaction but you need to pay capital gain tax
As the registration of the land has not happenend so far can I remove my name from the co-property now to get 54f benefit.
Yes you can do that.
It should work, but dont gift it to your wife or again you will be the deemed owner.
Dear Sir,
Hope you are doing well !!
There would be no tax liability on gift received from relatives as it is exempt under income tax act.
You would not be able to take the benefit of section 54F.
It is advisable that first transfer the property thought gift deed and take the exemption benefit on second property.
Yes, that would work.
Hi
No, exemption shall not be available under section 54F as you already own two house properties.
Yes, you can gift to your daughter after payment of taxes.
Gift shall be exempt to your daughter. That would not change your tax liabilities. You will have to pay capital gain tax on sale of land.
Yes, you can do that.
Technically Yes. You can gift the Property to your Daughter so that you will own only one House as on date of Sale of Plot and claim Section 54F benefit.
