Dear Sir – on sale of flat I made long term capital gain of 40 lakhs. I am planning to reinvest it in a flat (a) can I buy the flat on my wife’s name (housewife with no independent source of income) and offset the above capital gain OR I would need to be joint owner with % share to cover 40 lakhs amount; (b) In case of joint ownership, for her share of cost of the new flat, money will come from my savings – is it ok? (c) This would be my second flat – with respect to IT provisions on owning 2nd flat, will there be any benefit in owning the flat jointly with wife (first flat is in my name). Thanks.
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Related to long term capital gain
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If the sold flat was in your name and you sold it, you may reinvest LTCG in another flat bought in the name of your wife. You can claim exemption u/s 54.
(a) you can buy new flat solely on your wife' name for claiming exemption under sec 54.... (b) it is ok.... (c) benefit of sec 24b on account of intt on housing loan will be available accordingly in case of joint ownership.
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