Hi,
I am planning to sell my property which is brining some capital gains. I would like to reinvest this amount to buy a new property with my son as a co-owner. My son will be taking housing loan and add to the amount to buy the property. Can I avail of the capital gains tax exemption and can my son avail of housing loan interest exemption?
Thanks for the help.
You can avail capital gains exemption to the extent of amount invested by you in your new property. Your son can also avail housing loan interest deduction as he is the co owner as well as the borrower of loan.
Thanks Abhishek. Wanted to read up more on it. Can it be found anywhere in our IT Act?
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