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Ask THE EXPERT PERSONAL TAX

DNMUM418048 | 7/12/2018 | Author : Suraj Nangia | WC :324

There is no tax on property gifted to children
Personal Finance
Me and my wife own two adjacent flats in joint ownership. In one flat I am first owner and she is second, and vice versa in the second flat. We now want to sell both flats to two different buyers. My wife  is employed and files income tax returns regularly. I am a retiree and stopped filing income tax returns since eight years. We propose to immediately purchase similar adjacent flats. What would be capital gains tax liability? Suppose we gift the flats to our major children who are independently earning and filing income tax returns, what is the tax liability? Surendran Pillai
In case of joint ownership of the property, capital gains are chargeable to tax proportionately in the hands of both the owners depending on the share of each
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