Gifting a Property
10 Years (2004) back me and my father bought a flat for around 3.75 lakh. Since my father was retired person and I was studying and not having job, so any of us was not eligible for loan. Therefore by mutual understanding with my elder sister we purchased the property using her name. she was eligible for loan.
Since then I am paying all the EMIs after my fathers death (2005)
Now I am doing job & eligible for loan and want to purchase another property by selling the existing one.
The question is that, if I decided to to sell the property in existing scenario (i.e Elder sister being the owner of property). Capital Gain Tax will be applicable to her.
On the other hand If I want to own the property before selling it, what will be appropriate option?
a) Getting the property as a gift from Elder sister Or
b) To show purchase from elder sister to me? (In this option Stamp duty & other taxes will be applicable to me, where as there is no actual transaction is going to take place.)
Please Guide me.