Ltcg-new flat in joint name

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ashok (Querist)
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01 March 2017

DEAR,
I HAVE A LTCG ON RESIDENTIAL PROPERTY. I WOULD LIKELY TO PURCHASE OF MY NEW RESIDENTION FLAT IN MY JOINT NAME.
IN FIRST NAME OF MY MAJOR SON AND SECOND OF ME. SO QUESTION IS THAT SHOULD I HAVE CLAIM EXEMPTION U/S. 54
THANKS

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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01 March 2017 It would be better if you buy new flat either in your name only or your name as the first co-owner. There are conflicting judgments on this issue and buying the new property in joint name may lead to litigation. Therefore it is advisable that you buy the new property in your name only or at least your name as the first co-owner.