conversion of plot into flats

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  1. SakshamV

    SakshamV New Member

    I am a retired government servant residing in a jointly owned house built 25 years back on a 500 sq yds plot in Delhi. The house is free hold and equally owned by self and my two siblings. We plan to demolish the old construction and rebuild a house with stilt parking on ground floor and equal sized floors on this plot. Upon completion, each brother preferably with respective spouse, will be the registered owner of one floor each. The new house construction costs will be equally financed by myself and my brothers. I plan to finance my share by selling a free hold co-operative society flat registered in my individual name in the NCR for over 10 years. The construction of the new house is planned to be completed within 2 years of the sale of flat. Upon completion, I plan to continue using the new floor for my own residential use.

    Q. Can the Capital gains if any, that may be generated from sale of the flat owned by my be used to set off against my share in the cost of reconstruction of the existing house in Delhi as I am already a co-owner of the old Delhi house jointly with my brothers?
    Q. What would be the formalities/documentation I need to perform, if any to seek the exemption of Capital Gain?

    Q. Can the respective floor in the new house be registered respectively with our spouses?
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