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Can we avail tax benefit on jointly owned property?- Property Hotline
Posted
December 8, 2016
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73
December 8, 2016
73
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5:49Now PlayingExpert: Pannkaj Ghadiali, Tax Expert.
Question: Tax on capital gains can be avoided if the capital gains are invested in another residential property before 2 years. I am aware of this rule and we are going to buy new home before 2 years. However, new home will be bought by me and my father jointly. I will be applying for loan on my name and my father will contribute down-payment of the home from capital gains in his name. Do we still get the benefit of tax on capital gain in such case where new residential property is purchased jointly?
Answer: You have the option of investing the capital gains in 2 years after the sale but that does not mean that you can hold on to that money in that 2 years. There is deadline in it which is date of filing the tax returns. It is 6 months’ time limit. If you won’t be able to invest the capital gains into a property then you can put all the money into a capital gains account. You and your dad both can get benefit. But your dad’s and you name should be on the agreement.
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