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.
CAclubindia
