Co ownership flat sale query

A flat in co ownership between mother and son, which they want to sell. 
Want to know if this money should be taken / transferred to a joint account or it can be taken only in son's name? 

Also, if the fund from this sale are to be reinvested in a new flat already shortlisted (intended to be bought in the son's name alone) do the fund still need to be transferred to a capital gains account till the agreement stuff is done for the new purchase or it can be transferred to a normal savings account and then transferred to the property developer.

Replies (1)

1. It can be transferred to any account, be joint or otherwise, but purchaser would issue cheque  in joint name, so take care.

2. No need to open CGAS account, if the amount is paid for new flat before filing IT return of the relevant year.

3. Take care to invest in new flat jointly, if  capital gains exemption required for both the joint holders.

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