Thanks, if I want to sell my one big flat at a good location to buy 2 or more reasonable flats in Mumbai, what are the tax implications? I want to distribute my property among heirs.
After selling big flat, you need to take care of capital appreciation tax, which you can invest in your name in new properties or pay tax or invest in 3-years lock-in infrastructure bond. I suggest, you buy two new flats for your heirs and register in joint name with you being the first member and other is your heir. This will save you taxes. After the mutation of the new properties, make two separate wills giving entire ownership to your respective heirs.
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By Sudesh Rai
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