Capital gains on property

RR (None) (21 Points)

19 November 2020  

My father-in-law owns a property. We want to sell that property and buy a new property in the name of myself and my spouse. But since my father-in-laws property will lead to capital gains tax, can he transfer his property to my spouse as gift deed so that when we sell the property and the capital gains tax arising out of it can get adjusted in the new property that we are buying in the name of myself and spouse ?

Is there a waiting period required between the gift deed and purchase of new property ?

Can we save capital gains tax this way or could you suggest a way to save capital gains ta ? 

Note - The selling price of my father-in-laws property will be less than the property we are going to buy.