Capital Gains

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  1. S Nanda KUmar

    S Nanda KUmar New Member

    Sir, My query is relating to capital gains tax. I have a house in Chennai and had bought 2 plots of land in 1996. I own both these plots jointly with my wife. I am now planning to sell these 2 plots are buy 2 flats for my sons. The sale and purchase consideration are more or less equal and hence re investment from a tax angle is not a problem. Would request your guidance on the following:
    1) Can my wife and I purchase 2 flats in our names without attracting capital gains.
    2) If I give up my rights to my wife ( by way of a settlement) can she invest in 2 flats.
    3) If we settle the two plots in favour of our two major children ( by way of registered settlement deeds) and then they sell the plots immediately and buy the new flats in their name, will this attract capital gains.

    Can you guide how I should structure this transaction as the aim is to buy 2 flats for our 2 children.
    Egarly looking forward to your guidance

    regards

    Nanda Kumar S
     
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