CAPITAL GAIN TAX

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  1. K.B. Chowdhury

    K.B. Chowdhury New Member

    Dear Sir,

    My father sold a residential property after living for more than 15 years. Presently I want to buy a flat in my and my spouse's name at a cost which will be much more than the capital gain earned from the sale of my father's house and keep my parents there.

    My question is, if I take the money of sale proceed from my father and invest in buying the said flat in my and my wife's name, whether my father will get exemption from capital gain tax? Whether he should be a co-owner to claim such exemption?
     
  2. rudrabose

    rudrabose Active Member

    The Capital Gains should be reinvested in your father's name to claim the exemption
     
  3. K.B. Chowdhury

    K.B. Chowdhury New Member

    Can he be a co-owner to avail this or has to be exclusive owner?
     
  4. rudrabose

    rudrabose Active Member

    Yes, he can be a co-owner and should have re-invested the funds in his own name.
     
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