Father have a residence in his name. Two sons family also live together. Sons do not have any residence in their name.
Now father want to sell the residence and wants to use the funds to buy two residence flats each in the name of a son...
Let me know if...capital gain exemption can be used by two sons for their residence...
NO
Capital gain will be available only for one residential house
I read somewhere, if two adjacent flats are bought in joint name with father, capital gain exemption can be claimed....
Pls confirm....
Yes.... If you can prove that house property is a residential house property then you can claim the capital gain exemption
Various case laws are available & recently amendments also there. Please go through the same.
If the newly acquired property is not in the name of father or he is not a Co owner then no exemption can be claimed.
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