Long term capital gain on selling property

Aman (Manager) (26 Points)

20 November 2014  

My father has sold a property for Rs.1 Cr which was in his name only (self-acquired property). He wants to buy me a property. My new property will cost us Rs.1.5 Cr. I will need to take loan of 50 Lac for the same. Keeping above in mind, please answer the following queries:
If my father contributes entire amount that he has received from the sale of our existing flat (1 cr) to my new flat and I take rest as home loan, can we buy the new property in the name of my father, my wife, and myself? In this case, will my father be exempt from the capital gain tax?

As, I need to take home loan on the same, can I include my wife's name as the primary applicant and rest (my father and me as 2nd and 3rd applicant). In this situation, will my father be exempt from capital gain tax for the entire 1 cr or on 1/3rd of the new flat purchase amount as there would be 3 owners of the new house.

Please suggest.

Thanks.