Legal Question in Tax Law in India

Dear Sir

I had sold a residential plot at my native place in july 2012.for Rs.24 lacs

I want to now buy a residential plot at NCR which is costing 39 lacs ,and for that both of us intend to contribute Rs 15 laces each and my son, who is a major also wants to contribute about Rs 9 lacs for it and have his name as a joint property holder.

The question is-

Will we two have a capital gains tax liability after this purchase

Will our liability get changed if my son is also the co owner

We have an option to buy another house which is also on a same size plot costing almost the same, but is Kuchcha pakka.,and is without an official completion certificate from the authorities.What will be our liability if we buy this kuchcha house on a plot developed and allotted by the development authority to a kisan who is selling this now to us..

Thanks


Asked on 2/20/13, 2:31 am

1 Answer from Attorneys
Jayesh Desai Jayesh Desai

One person has to buy only one house property, either jointly or independently. If you buy two house property - jointly; then you shall be liable for Capital Gains Tax.

Better contact a lawyer or good CA - who can chalk out strategy for your investment, where by you can save on Capital Gains and invest, if you choose; in both the properties.

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Answered on 2/21/13, 3:56 am


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