03 August 2023
Hi All If i sell a house registered in my sole name and then with the part of the money i buy and register another property in the sole name of my wife, will i be liable for capital gain on that amount. i sell a property for INR 65Lacs which was registered in my sole name. And then out of 65Lacs if i buy another property of 30 Lacs in the sole name of my wife, will i have to pay capital gain tax on the 30 Lacs?
03 August 2023
There are case laws which favors assessee in similar situations, but better to avoid it and purchase the new house in joint name to avail exemption u/s. 54 IT act.
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