Ltcg-new ftat
This query is : Resolved
10 April 2017
Dear
I want to buy a new flat in joint names with my son, his name will be first and my will second/co owner.
I sold my flat and having LTCG that I deposited in a separate LTCG account, I will use this amount and balance fund will provide by my son/ home loan by my son and by me. Is any,problem in this planning as for as income tax side?
Please advise me.
Thanks
Ashok Agarwal
I want to buy a new flat in joint names with my son, his name will be first and my will second/co owner.
I sold my flat and having LTCG that I deposited in a separate LTCG account, I will use this amount and balance fund will provide by my son/ home loan by my son and by me. Is any,problem in this planning as for as income tax side?
Please advise me.
Thanks
Ashok Agarwal
Studentsca
(Expert)
10 April 2017
Yes you can go ahead and do so.
Since the Long-term capital gain gain has been invested you in purchase of property you will be eligible for exemption us 54.
11 April 2017
also you can purchase more than one house adjoining to each other and make a common way of all those houses to claim full capital gain rebate against purchase of one house only.
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