Mr X had purchased residential property in 2004. He also owns another residential property in another state.
He wants to sell one of the property and buy 2 residential property for his two sons. How can LTCG tax be avoided?
Cost : 30lacs
Cost with indexation: 80lacs
Sale price : 2cr
Can he buy one flat along with son1 as co owner ( Father pays 1.2cr of capital gain) rest by son.
Can remaining 80lacs be used to buy another residential property along with son 2 as coowner?
Does above transaction involve any capital gain tax for son or father?
How can situation be best managed?
CAclubindia
