Hiral Mehta (Job) (118 Points)
08 January 2018Suppose one property is owned jointy by father & Brother 1. Now this property is being sold & new property is being purchased in name of Brother 2 as loan elegiblity of brother 2 is more than brother 1. So the sale proceed is invested in new property but the name will change so in this case will it be taxable in hands of Father & Brother 1? What can be the possible solution for the same.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166482 Points)
Replied 08 January 2018
Better would be to include father and brother1 as joint owner in the property. Or go for litigation, though many cases are in favour of assessee when new property purchased in the name of family member.
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