Long Term Capital Gains Tax
This query is : Resolved
15 June 2020
My father sold a property which was in his sole name. From the proceeds he wishes to buy me a flat in my and my wife's name. I wish to ask a question that as he would be drawing funds from the long term capital gain account, is it absolutely necessary that his name has to be included in the new property purchase (as the first owner), in order to avoid any additional taxes.
16 June 2020
YES, IF YOU WANT TO CLAIM THE FULL AMT SO AS TO AVOID CG LIABILITY.
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