Paresh Rathod (CA) (222 Points)
18 July 2011I have sale one House which have joint nane (First Name - Mother, Second name - Son) out of this money i purchased the new house which is also in joint name (First Name - Son, Second Name - Mother). So, plz advise me whether mother get exemption on capital gain.
Regards,
Paresh Rathod
rz's
(TRAINEEE)
(243 Points)
Replied 18 July 2011
since the property is in joint name..the income arising from capital gain is exempt for both you..(as u hav bought another house)...
but technically the house is a proprty of AOP(association of persons) so have to take pan in its name...
or you can make a family settlement deed which shall also work fine in my opinion...
CAclubindia
