SALE OF RES PROP & GIFT BEFORE 3 YRS

Dear Pankaj

Mr A (senior citizen)sells his residential property invoking LTCG tax. He wants to buy two new residential properties in his name and subsequently gift one each to his sons B & C . Does he need to wait 3 years for the gift. Does gift fall within the perview of 'Transfer', which cant be done before three years. Is there any section or any website where this information can be viewed over the internet?

Does a senior citizen get any special treatment for LTCG tax

Regards SHivani

asked Apr 06 '11 at 00:47 by shivani071177 1456


Income tax exemption on capital gains can be taken while buying only a single property. In case A decide to buy two, atleast one of the them should have purchase price more than capital gain.

After buying, A may gift it to his sons B and C without waiting for 3 years. Family settlement deed can be done to transfer property to sons.

Three year lock-in, as you are suggesting, is not mentioned on income tax website.

There is no special tax treatment for senior citizens in case of long term capital gains.

answered Apr 06 '11 at 07:51 by pankaj 5.2k320

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Asked: Apr 06 '11 at 00:47

Seen: 1,116 times

Last updated: Apr 06 '11 at 07:51