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Can we avail capital gains exemption on joint ownership?- PRoperty hotline
Posted
September 29, 2016
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621
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September 29, 2016
621
5
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0.97%
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4:12
3:22Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali & Company LLP.
Question: I plan to re-invest my capital gains in a new property. However, the new home will be bought by me and my father jointly. I will be applying for the loan on my name and my father will contribute towards the down payment of the home from the capital gains in his name. Do we still get the benefit of tax on capital gains in such case where new residential property is purchased jointly?
Answer: You can claim capital gains exemption in a jointly owned property. Only your father must invest his gains towards the purchase. When you will purchase the property via a home loan than mention that you and your father are co-owners in the purchase documents.
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