Hi,
One of Client has sold his house property owned by him self in 2011. And buys another property in 2011 only with his son as joint owner.
Now the query is if client is co - owner in the porporty with 25% holding and his son will be 75% so the amount investsted by client wil get tax exemption from capital gain or not?
-Mahendra
Yes according to the "CIT v. Chandanben Maganlal [2000] 245 ITR 182 (Guj.)" case
https://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2008itact/%5B2000%5D245ITR0182%28Guj%29.htm
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