Capital gains tax

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2015 I have purchased a residential flat in 1989 & my brother has stayed in the same on goodwill.

Now I am thinking of selling the premises & from the sales proceeds plann to buy two separate premises - one for me and one for my brother .

How best to minimise on Capital gains tax.
Can I show the flat bought for my rother as gift to him?

Kindly let me have your valued suggestions.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 July 2015 if you are the owner of the 2 house u purchase after selling the existing 1 then u will be eligible for exemption.

http://www.charteredclub.com/section-54/

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2015 Thanks for your reply.
I understand that one can have only one house in his own name -- the second house is treated as wealth.
Apart from that I have to give one house to my brother to provide for his accommodation -- only on that condition he is willing to allow to sell me my current house.