I own two residential flats in Mumbai. Flat 1 was purchased by me in 1977. Flat no1 is unoccupied for sometime.I stay in Flat 2 which was purchased by me by selling one more flat I had in April 2013. I adjusted the LTCG of the sold flat in while purchase of Flat 2.
Since Flat 1 is old I want to sell it and purchase a new flat. New flat will be purchased in Joint name with my elder son, who will also invest part of the price by taking a bank loan.
Query: Can I adjsut the LTCG on sale of flat1 while purchasing the new flat jointly with my son.? Thanks
Nagarajan
CAclubindia
