Income from sale of joint property

Hi 

I have purshed property in 2004 with My name as first name and with my mom & dad's name as 2nd and 3rd name resp.

At that time I have taken loan and then my parents conributed 20% of total amt. The loan acc was closed back in 2007.

We want to sell that flat now and invest entrie captial gain to new house (which will cost be more then captital gain anyway).

This time we are planning to buy new flat on on my and my wife's name.

In above case will there be any tax implications of not including parents name ?