sale of property - 2 off at a time?

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  1. Tushar Bramhanakr

    Tushar Bramhanakr New Member


    I seek advice from all you knowledgeable guys in this forum.
    I am an NRI. I have two apartments. The apartments are registered on my name and my father's name. Both are unoccupied at the moment.
    In addition my father owns a house where he lives and has a tenant.

    I had put my father’s name on the agreement thinking of some ease while handing PoA for the apartments.

    Last financial year I declared one of the apartments for showing deemed rent and declared my father as co-owner (70% my share & 30% my father’s share).
    The second apartment is not declared in tax return (self-occupied).

    Considering the period I have owned these apartments, I am eligible for LTCG.
    1. Can I sell both the apartments in same financial year?
    2. If I sell both of them in same year, will I be eligible for long term capital gains?
    3. How will it affect my father’s tax return next year? (Do I need to split the LTCG between two of us and in that case, my father would be treated as owning three houses L)

    If this is something where I might lose money on account of selling both the houses in same financial year, then I can wait to sell another house in next financial year. But will it do any good?

    Your help is much appreciated.

    Thanks and Best Regards,
  2. Neha Sharma

    Neha Sharma Active Member

    Dear @Tushar Bramhanakr

    1. It won't make a difference whether you sell both the properties in the same year or in different years.
    2. Period of holding is regarded as Long Term if it has been held for more than 3 years. If both your properties are being held for more than 3 years, both of them would be regarded as Long Term.
    3. You would be required to split the Capital Gains between you and your father in the same ratio as ownership of the flat.
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