Hi,
I am purchasing a house, for which I am using 50% of the money generated by selling my father's property. Now, I will take a housing loan for the rest of the amount. So I have to register the house jointly in my father's and my name.
My question is: Will my father have to pay capital gains tax? I heard that if the money from sale of land/house, if invested in purchase of another house, will not be subject to this tax. Does the house have to be in a single owner's name only to avoid CG tax? Is the CG tax exemption available for a joint property purchase, as in this case?
Thanks,
Srikanth
CAclubindia
