My wife and me are having two residential property in coimbatore. We want to sell the same and buy a flat in bangalore jointly. Our properties in coimbatore are in seperate names. I would like know whether I can adjust the capital gains from our sale at coimbatore in the joint property to be purchased at Bangalore and avoid capitalgains tax
1 Answers
New property can be purchased in joint name too to save income tax on capital gains. But your and wife's share in new property should be more than capital gains on old property(or sale consideration in case old property are plots and not house), to save income tax fully.
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