Capital Gains Exemption in case of Joint Property

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  1. De Gre

    De Gre New Member

    Hello club members,
    I have a query,
    My father has sold an ancestral property this year 2014 and he wanted to put that gains into the new residential property. ( say X )
    Now new property which has been shortlisted has Value Y (more than X).
    Can this new property(Y) be bought in combined name ( my wife and my Father)? So that my wife can avail the loan for the (Y - X) value.
    I heard that Capital gains tax benefit can be taken only on single person owned residential property ( Not the joint one).
    Answer to this question will really help us. Or references for reading on this would help as well.
    regards, De Gre
     
  2. rudrabose

    rudrabose Active Member

    Capital Gains Exemption can also be claimed on Joint Properties. Therefore you can purchase a Joint Property in the name of your father and your wife.

    Your father can invest the Capital Gains and the balance can be paid by your wife (either through loan or through self-funds)
     
  3. De Gre

    De Gre New Member

    Many thanks, this helps
    regards, De Gre
     
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