Hello forum members,
My father has a flat(A) which is owned by him bought in 1993 at 3,00,000/-.
He now plans to sell it for 25,00,000.
The LTCG at 20.6% comes to about 3.2 lakhs.
I am now planning to buy another flat(B) on my name & my wife's name jointly.
We plan to sell off the flat A and transfer the proceeds out of it towards buying flat B.
Since flat B is not on my fathers name, there are 2 options :
Option A : Father sells off, pays 3.2 lakhs LTCG & gives remaining 21.8 lakhs to me which I can utilize towards the flat.
Option B : I am not sure if its possible. But if the new flat B is registered on 3 names(me, my wife & my father), then he can invest the entire 25 lakhs in the flat B & get exemption from LTCG.
Could you please help me if option B is possible at all?
Regards.
Akshay
