Capital Gain Tax Exemption query

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  1. vinit singh

    vinit singh New Member

    Sir I have purchased a land recently on the name of me & my brother,on this property I have taken loan of Rs 60 lacs for land+Construction, but now i am selling my old land which is on the name of my father for part payment of my current loan.My query is , can my father get the capital gain exemption on this.

    what is the the solution for this. Please help on the same.
     
  2. Neha Sharma

    Neha Sharma Active Member

    The exemption would be available in case the property was purchased max 1 year before the property has been sold.

    Moreover, exemption is only available in case the person who has sold the property buys the property in his own name and not in the name of their children.
     
  3. vinit singh

    vinit singh New Member

    I have purchased the property in the month of June 2014,& going to sell in this month, oct 2014.But the property which is selling is on the name of my father ,Can I add my father's name on the property which is purchased on June 2014,after that can my father get the capital gain exemption for the property which is going to sell?
     
  4. Neha Sharma

    Neha Sharma Active Member

    If you have already purchased the property and that has been registered with the Registrar Office, how will you change the name?

    You will have to sell the property to your dad which will inturn lead to transaction charges.
     
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