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capital gains tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 June 2010 Hi

My husband recently sold a property worth 28lacs and reinvested in a new home.
The new home is worth 85lakhs. Now the new home is a joint ownership between him and me. we both have taken a loan too to pay the remaining part of the money. Can my husband be exempt from capital gain tax because it is a joint property.
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CA G. SURYANARAYANAN

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CA G. SURYANARAYANAN (Expert)
19 June 2010 Your husband has got 50% share in the new property which is work Rs.42.5 lakhs. Since his old property is sold for 28 lacs the entire capital gains is exempt from tax. However you will be asked to show the source of funds for the balance of investment by your husband and yourself. You have not mentioned whether both of you are assessed to income and filing your incometax returns. In case of you are not maintaining books of account, you have to file a cash flow statement.

CA G. SURYANARAYANAN
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