21 October 2010
Sir, On Nov.2009,I along with my son(only issue) have jointy purchased a flat with cost approx. Rs. 16,00,000/-.But entire amount was paid by me from my own source of income.My son had earlier purchased a flat on Jan.2002 & the same was sold on Sept.2010 & earned Long Term Capital Gain of approx. Rs. 8,00,000/- on sale of that flat. I want to know if my son payback to me Rs. 8,00,000/- as 50% payment as investment as co-ownership of the flat purchased on Nov.2009 at a cost approx. Rs. 16,00,000/- (The flat purchasd jointly within one year before sale of other flat),can he save Tax on Long Term Capital Gain of approx. Rs. 8,00,000/- What are official documents required in thease transactions?
CAclubindia
