Hi,
I have purchased a house, which I need to register now. To help me, my father has sold one of his house and gave almost 40% of his sales proceeds. Now please let me know how I can plan to avail capital gain exemption. should I register it along with my father as a co-owner or can I consider the house that is sold as a gift to me by executing a gift deed.
Please reply asap.
Thanks!!
Bhargavi.
add your father as co owner,
in case of new property his share should be equal or more than long term capital gain arised from the sale of old house ofherwise he would have to pay long term capital gain tax.
if u buy any house b4 1yrs or aftr 2yrs of sales or constuct widin 3yrs afr the date of sales than u can get deduction in sec 54H.
CAclubindia
