Abt getting one property in mother s name

Hi Pankaj

One property (house) inherited from my grandfather to father we are goi to sell it. and we are goi to buy a new house . this is in my father s name.

  1. Now my mother wants to buy the new house either jointly (mom + papa) or only in mother s name.

Is this allowed?

Once again I thank you so much for educating many people in Personal finance area..I have learnt many things from the question and answer section of your blog.. Thank you so much

asked Jun 07 '12 at 00:18 by vignesh 94671323

In case inherited property is being sold by your father, income tax would be payable on long term gains earned from it.

To save this income tax, one can invest into residential house property. New property should be in the name of same person who earned gains. It can be singly or jointly owned. In case of joint ownership, share in new property cost of the person should be more than long term gain to save income tax fully.

answered Jun 09 '12 at 13:18 by Pankaj Batra 5.2k320


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Asked: Jun 07 '12 at 00:18

Seen: 1,607 times

Last updated: Jun 09 '12 at 13:18