How to avoid paying capital gain tax if the old flat is sold after the new one is bought house

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srinivas (Querist)
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16 August 2021 we have a 2 bhk flat at pune which is joint names of myself and my wife . we wanted to sell that and buy another flat/rowhouse (on resale or new ) .we are not getting good price for our flat as many flats are sale in the same building as tenants have left last year due to loss of job or to work from their hometowns . it is difficult to get loan from banks as i am 59 and my wife is 55 and hence they are offering only Rs 25 lacs as home loan for a period of 5 years . is there any limit when we can sell the flat and show the capital gains as invested in the new house .if yes do we have to buy the new house also jointly in the same order as our earlier house to avoid tax on capital gains. can we include our daughter who is major as third holder in the new property even though she is not contributing any funds . do both of us husband and wife can get exemption from capital gains on the flat sold and avail concession on tax on home loan if taken . if yes in what proportion. kindly advice how to proceed . if we cannot sell our old flat now and sell it later when markets picks up ,can we get exemption from capital gains .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 August 2021 One year is limit, you have to sell your old flat within one year of purchase of new flat.
Bank loan taken can be adjusted against capital gains.
Buy the house in both of your names later you can transfer as gift.

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