My mother one of the coparceners of an inherited property. She is selling her share and so are the others. She is willing to split her share gains between me and my sister at 50% each. My sister has asked her share in cash. I have asked my mother to buy a house and then either gift it to me or let me inherit it under a will. Can this be done? What are the tax implications related to this? And how long does it ideally take to get a property without any tax issues?
Answered on November 08, 2017
Question is vague. However, your mother can surely buy a flat and gift the same to you. You will incur long term or short term captial gains tax in connection with the same when you sell it, depending on the number of years you have held the Flat.
