Hi all,

For eg. I sold my bungalow property in Mumbai and don't want to pay any income tax on this profit. For this purpose consider I decided to buy a new flat in some other city but I want to buy this flat on my and my married daughter's name together. I want to pay 50% amount and remaining 50% amount she will take a loan foe the new property. I will pay the amount that I got from my sold property, then in this case can I avoid long term capital gain tax on sale of my house or do I need to pay the tax as new property I am buying is in partnership with my daughter.

Can anyone help me with this?
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  • Originally Posted by tpoonam
    Hi all,

    For eg. I sold my bungalow property in Mumbai and don't want to pay any income tax on this profit. For this purpose consider I decided to buy a new flat in some other city but I want to buy this flat on my and my married daughter's name together. I want to pay 50% amount and remaining 50% amount she will take a loan foe the new property. I will pay the amount that I got from my sold property, then in this case can I avoid long term capital gain tax on sale of my house or do I need to pay the tax as new property I am buying is in partnership with my daughter.

    Can anyone help me with this?


    Yes this is possible.

    As per letter of law, this capital gain has to be parked into special capital gain accounts available with most PSU banks until you actually invest. During return filing you can provide receipts from builder as evidence of investment.

    HTH
    CommentQuote
  • Originally Posted by sakelkar
    Yes this is possible.

    As per letter of law, this capital gain has to be parked into special capital gain accounts available with most PSU banks until you actually invest. During return filing you can provide receipts from builder as evidence of investment.

    HTH

    Thank you so much sir. One more query Can she claim for income tax benefit for the home loan that she will take for this property?
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