Sale of Land post GPA by Mother

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  1. TelcoGuy

    TelcoGuy New Member

    Dear Sirs / Madam,

    I wish to sell off land in Delhi to buyers. The land is presently in name of my mother but As I had been principal investor i wish to directly transact now and get the money directly into my Banks so as to be able to invest it from my name into Flats.

    The query i have is linked to Income Tax provisions around Capital Gains, also linked with Stamp Duty in Delhi...

    1. I have been advised to get a GPA done by my mother in my name as first step entitling me to "Sell" the land. As per agents there is minimal Stamp Duty in this
    Further, there is no Capital Gains Tax liability on my mother as this is for "no consideration".
    She can now be removed from Taxation liabilities for further transactions.

    2. The ATS and GPA with the final Buyers would be executed by me. The Sales proceed would be directly in form of Demand Draft in my name. The Capital Gains liability would also be on me.

    3. If i invest in immovable property within time provided, the Capital Gains liability would be negated.

    Is the understanding correct. I am hoping that my mother is not held liable for Capital Gains post Sale.

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