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Can we claim capital gains exemption on new property?- Property Hotline
Posted
August 4, 2016
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21
August 4, 2016
21
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1:29Now PlayingExpert: Shipra Padhi, Member of International Tax Practice at Nishith Desai Associates.
Question: I own a residential property. I plan to sell it and reinvest the gains in another property. However, I wish to buy the new property jointly with another individual. In this case, will I be able to claim capital gains exemption on the new property?
Answer: Yes. Joint ownership should not take away the capital gains tax exemption to the extent that the payments for the property have been made by you.
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