Save capital gain tax by investing in wife's property
This query is : Resolved
07 May 2016
I am about to sell a property in my name. There will be some taxable capital gain on it. I have booked a flat in the name of my wife under CLP Plan where she is the only person named in the agreement. Can I pay the installments from the consideration I receive from the sale of property and avoid capital gain tax. Further, we have taken home loan on the booked flat where I am a co-borrower. Can I use a portion of the money I receive to repay the loan. Will this be considered as capital investment and hence no capital gains tax be levied?
07 May 2016
Capital gain exemption will not be allowed since the flat is not in your name.
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