I have sale one House which have joint nane (First Name - Mother, Second name - Son) out of this money i purchased the new house which is also in joint name (First Name - Son, Second Name - Mother). So, plz advise me whether mother get exemption on capital gain.
Regards,
Paresh Rathod
since the property is in joint name..the income arising from capital gain is exempt for both you..(as u hav bought another house)...
but technically the house is a proprty of AOP(association of persons) so have to take pan in its name...
or you can make a family settlement deed which shall also work fine in my opinion...
CAclubindia
