Capital Gains

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Arun Sharma (Querist)
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25 January 2011 Dear Sir,
Namaskar.
Yesterday i asked a question about purchasing a new property from the proceeds of selling my flat.I wanted to know can i purchase the new property jointly with my wife without loosing my benefits of capital gains.I got the answer that i can.I am a little bit confused because there is no detail.
Please clarify can we add our son's name also in the sale deed of new residential property.
Thank You.
Arun Sharma
kalia1961@gmail.com

Ratan Sharma

Ratan Sharma (Expert)
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25 January 2011 As far as you are able to prove that the purchase is made out of your source and your name is included in the purchase deed , you can get the benefit. It is generally pleaded before the A.O. that the name of other person is included in purchase deed so as to keep the peace in family however he has not invested any money in the purchase of new property therefore assessee is entitled to benefit.