dear all
i have two queries. kindly advise.
i bought a house in 2010. this was my first residential property, which i rented out.
in 2014, my mom bought her 2nd residential property, and my name was in 2nd owner of that house. althgouth, i didnt invest any money in that house. this house was also rented out.
i sold my first house, bought in 2010, in 2016.
Q1. will the house, bought by my mom and me being joint owner, be considered as my 2nd house ?
Q2. i wish to buy another residential house, with a friend of mine in 50-50 sharing basis. if i invest all my LTCG, (earned from my first house, sold in 2016), in the new house, (which is being bought in partnership with a friend), will my LTCG investment in 2nd house be valid ? will my LTCG be exepted ?
please advise.
thanks
CAclubindia
