Dear Pankaj Batra sir, I went through all your answers and extremely useful. My doubt here for example, My father purchased a residential plot in 1999 for a consideration of 4.5 lakhs (registered value). My father died in 2006 In November 2011 I sold the same for Rs. 24.50 lakhs. To avoid Capital Gain Tax, I would like to invest the proceeds for purchasing an residential apartment. My question here is if my wife (who is a Govt Employee) is going to purchase a residential flat in her name by availing a home loan for around say Rs. 50 lakhs, Can I invest the gain I made as mentioned in the above sale details and avoid paying capital gain tax?
1 Answers
If property was in your name after your father's death and you sold same, then capital gains would be applicable to you only.
To save tax, new residential house property should also in your name (single or joint). You cannot claim benefit for property purchased on your wife's name alone.
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