I have sold a residential property which was in the joint name of my wife and me. The property was sold after three years and , therefore, LTCG is applicable. If I buy a residential property in my wife's name with the gains accrued from the earlier sale, will I get exemption from LTCG tax.
1 Answers
As old property was in joint name of you and your wife, capital gains will also be divided between both of you in same proportion as the holding pattern was.
Each of you have individual tax liability on this share of capital gains and both have to invest in new property in order to save tax.
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