Hi All,
I have purchased a under construction property for 55 Lacs, in Nov 2013 (registory not done yet) and I am sole owner of it and I have taken loan from IDBI bank on my name (no co-applicants). Few months after my mother has sold her very old commercial propoerty for 20 lacs, in Feb 2014, and now with that 20 lacs she wants to invest in my property, purpose to reduce my loan amount + by-pass capital gain tax.
Can she invest in my property to get an exemption from capital gain tax? If yes then what will be the procedure, what all steps to be taken. I can add her an co-aaplicant in my Loan account as well as in my property? for this what all I need to do?
Note : Registory not-yet done for my under construction apartment, it may take another 8-9 months, i.e. next finacial year for registory to be done.
Let me know if you need more info.
-Irfan
CAclubindia
