Capital Gain

Hi,

I have sold a property worth 30lacs last month. I intend to use this amount along with my cousin and buy a property worth 80 lacs. The balance 50 lacs would be invested by my cousin by taking a housing loan and some savings of his savings.

Will I be able to show the new property bought as the investment to avoid capital gain tax? The new property will be registered in both our names....

Also will my cousin be able to avail a housing loan for the above plan?

asked Aug 24 '11 at 16:43 by samuel18 111


There won't be any issue as you are investing whole sale amount into new property. New property has to be in your name either single or jointly owned. New property must be a residential house property only.

Other joint owner may get home loan for his share, it won't impact your tax benefit. Nor your cousin would be impacted on your long term gains benefit.

answered Aug 24 '11 at 22:32 by pankaj 5.2k320

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Asked: Aug 24 '11 at 16:43

Seen: 1,063 times

Last updated: Aug 24 '11 at 22:32