CAPITAL GAIN

Capital gain wil be caculated like this >>>>Rs 10 lakhs (actual consideration for sale) - Rs 1.65*Index for 08-09/Index for 90-91<<<<< and you can purchase flat in combined name of you and your wife.

Dear Prakash, That was really fast and Thanks.

Actually I have a flat in my name and another flat in my wifes name.

By disposing off these two flats can we buy  a new flat in our names and can we claim  resultant capital gain benefit. Or If the flat is bought in either of our name can the

consideration of other spouse  can be utilised and can the other spouse  claim benefit under Cgain.

Hi  Kumar

You can sell both the flats & purchase two different flats in individual names ant take the benefit or you may purchase a single flat in joint name...

If the flat is bought in either of your names the consideration of other spouse  cannot be utilised and can the other spouse cannot claim benefit under Cgain.

Chetan Sharma

IN THAT CASE I CAN BUY A NEW FLAT JOINTLY(BOTH NAMES) AND THEN CLAIM... CG FOR BOTH

i will be soon...try to giv u my views  on 2nd case... 

 (i m student and whatever i m writing ....is my view over the problem)

sir, clubbing provisions are applicable in ur case. if the house which is there in ur wife name is also given by you or she have purchased that house from the money provided by u than the capital arising from the sale of that house is also taxable in your hands.

for the purpose of getting exemption from LTCG u may buy house ei soley in ur name or in joint name. but the point which is relevant here is that in what ratio u both have contributed for the purpose of acquition of house.