My son is purchasing other property at some location. Is it possible that I sell of one of my existing residential plot and to save long term capital gain, give money to my son?
1 Answers
You cannot save income tax on long term gains just by gifting amount to son or buying property on son's name.
If you have earned gains, new property should be in your name (single or jointly owned) or you must pay taxes.
Thanks for the response. If the property is in joint name with me and the bank loan for property is taken by my son only, then can i repay the son's loan as a joint owner to save LTCG?
There is no tax benefit on payment to bank for loan. Amount should be paid by you to seller for property ownership.
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