I am a co-owner in house property (Residential apartment) with below details.
1. The said flat was given to us for no consideration by builder under redevelopment agreement in 1993
2. The sale agreement for the same was done in Sept 2016 where co-ownership appears as,
1. Father 2. elder bro 3. younger bro (This sequence of names appear on the land records, same was used for flat sale agreement)
3. The sale proceeds for the flat were Rs. 66Lakhs
4. Considering 200rs/sqft construction cost, LTCG works out to be apprx 52Lakhs
5. We plan to buy another flat with below co-ownership pattern,
1. Younger bro 2. Younger bro's wife 3. Father 4. elder bro
6. The flat we're planning to purchase would cost apprx 66.5 Lakhs of which 25 Lakhs will be funded via home loan
Now questions,
1. Can all 3 of us claim full exemption under section 54? (Seciont 54F should not apply as this is house property to house property, right?
2, Do we need to define share of each joint owner in purchase agreement of flat being purchased?
3. Do we need to pay 52Lakhs from sale proceeds and only rest can be availed thru home loan?
Thanks for the answers.
CAclubindia
