capital gain tax

ajay gaur 1
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I Durga Devi have purchased a house in year 1989 for Rs 77000 and now we have sold our house for Rs 35 Lakhs in October 2011 and want to purchase a new flat in december 2011 of Rs 45 Lakhs on cash down payment and my son is contributing Rs 10 lakhs in that. 1)Can i deposit this amount in my bank or not or what clarifications i have to give to bank. 2)Can i buy new property in my son name who is 37 years old and yet not married.If not can we buy a property in Joint name. Pls help me out that i have to give tax or not if i buy new property in my son name.

Regards Durga Devi

long-term-gains section-54 capital-gains income-tax
1 Answers

As you are buying a new flat with your contribution more than gains from old house, there won't be any income tax applicable on gains.

You can deposit amount in your bank, but make sure possession is received before last date of income tax return filing (31st July, 2012).

New property has to be in your name (either single or jointly owned). You can buy in joint names, there won't be any issue in that.

Pankaj Batra5212
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