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Can I buy real estate from parents
October 8 2012 , 12:09 PM   #1
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oranjee's Avatar
 
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Can I buy real estate from parents

Hi

I intend to buy my one floor in my parents' multi-storeyed home. The primary purpose is to save tax. I do not intend to buy property straight away in the metro I am staying in.

Can you please advise if this is legal and if banks would process the loan?
It would also be helpful if anyone can enlighten on any other legal ramifications etc.?

Thanks
October 12 2012 , 03:45 PM   #2
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you have to consider Long Term Capital Gain tax they will have to pay if they sell house to you.
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