Investing in flats in joint names

Querist : Anonymous (Querist) 26 October 2010 This query is : Resolved
I intend to sell some unlisted shares and invest the money in two flats with my two daughters i.e. one daughter as a joint holder in one flat. The money is 100% from me from sell of unlisted shares, so that I save on Capital Gain Tax by investing in the two flats. Neither I nor my daughters own any ownership flats.

Pl. advice for:
Income tax implications.
Will there be need of a will as on my death the joint holder will become the owner automatically?

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Devajyoti Barman (Expert) 26 October 2010
On your death your two daughters automatically become its owners by e=way of inheritance if you do not have wife. If your wife is there then yes, you have to execute a Will where you could mention the names of the beneficiaries in respect of yor share in those flats only.

s.subramanian (Expert) 29 October 2010
I agree.

soumitra basu (Expert) 31 October 2010
According to income tax act, you shall get the benefit for investing in one flat only. For the rest of money you shall have to pay the capital gain tax.

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