Hi,
My father-in-Law wants to gift a portion of land to my wife and myself jointly.
Since I am the only income earner of the family, we plan to take a housing loan
in my name to build a house in it.
Will there be capital gain tax on my share even if I build a house within three years?
If it is the case, is it advisable to share the ownership of myself as 20% and my wife as 80 %
so as to decrease capital gain tax on me?
In that case will I be able to get income tax deduction for the entire amount I pay as interest
and principal repayment for the housing loan?
Thanks and Regards,
Nit
CAclubindia
