Income tax on long term capital gains

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This query is : Resolved

srinivas (Querist)

01 July 2021 we ( mywife first holder and myself joint holder eventhough i have not contributed any money ) had bought a flat for Rs 8 lacs in 2000 in pune. now we want to sell the same which may fetch around Rs 50 lacs .due to pandemic we are not getting a buyer for our rate but we want to buy another flat in pune only which is costing around Rs 80 lacs. now my query is if we buy the new flat from our savings now and sell the old flat later shall i get exemption from long term capital gains when we sell the old flat if yes within what duration we should sell the old flat to get the benefit of incometax on long term capital gain . if tax is payable ,do both of us have to pay incometax on long term capital gains or only my wife as my contribution was zero in buying that flat. also whether the new flat has bought in the same names and same order(my wife first holder and myself joint holder) as per the old one if we want to claim the tax benefit .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

02 July 2021 Within one year you have to sell the flat.
In case of long term capital gains only your wife is required to pay the tax in view of clubbing provisions.
New flat to be purchased in joint names order is not relevant.

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