Someone bought a flat in Delhi 45 years ago. He is living there since then with his wife. their only son lives abroad.
The flat is in his name alone.
He wants to sell this flat now. After indexation, his net capital gains would be around 90 lacs. They will be taxed at 20%.
To save these taxes, he wants to buy another property for 90 lacs or more.
The question is - to ensure he saves on the taxes, does he have to buy the new property in his name alone? Or can the new property purchase be in his name, plus his wife, plus his son (who lives abroad).
By adding these joint owners in the new property purchase - would it have any effect on his tax saving? He wants to ensure that all taxes are saved.
1 Answer from Attorneys
The person can sale the flat and can purchase a new property in his name alone or with his wife and son, and save himself to pay taxes.
To know in detail may contact with me.
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