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

link

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×778
×326
×15
×5

Asked: Jun 07 '12 at 00:18

Seen: 1,607 times

Last updated: Jun 09 '12 at 13:18