Can i buy a new house in the joint name

venkat batchu (Querist) 29 January 2024 This query is : Resolved
sir, i am intending to sell my old flat and buy two new ones (as per latest rules, i think i can invest in two different flats or housing property) .. now, my wife wants her name to be also be included in the new property .. to be purchased to save Long term capital gains .. can i do it... without affecting my tax benefits...

Follow Query

Report Abuse

Quick Summary

If you're selling your current flat and planning to buy one or two new properties, you can include your wife's name on the new purchase. This is permissible even when reinvesting capital gains and will not affect your eligibility for long-term capital gains tax benefits under Section 54. Each co-owner can claim exemptions. Additionally, if you're a senior citizen selling your only property due to debt, consult a local CA regarding potential LTCG exemptions based on income thresholds and how to manage sale proceeds.

T. Kalaiselvan, Advocate (Expert) 29 January 2024
Yes you can add your wife's name in the house property purchased out of the invested capital gains amount.
you will be eligible for LTCG tax exemption.

T. Kalaiselvan, Advocate (Expert) 29 January 2024
Property investment registered in spouse's name is eligible for exemption under section 54. There is no requirement that investment should be made in the name of the assessee only.
Each co-owner of a jointly owned property, whether commercial or residential, has the right to seek an exemption under Section 54EC for long-term capital gains

kavksatyanarayana (Expert) 29 January 2024
Yes. You can purchase the property in the joint names both you and your wife.

venkat batchu (Querist) 29 January 2024
Thanks a lot to one and all the Advisors ..

T. Kalaiselvan, Advocate (Expert) 30 January 2024
You are welcome for the appreciations.

venkat batchu (Querist) 02 February 2024
Sir, I have a followup query .. I am planning to sell my only residential property and shift to a lower priced one as i am in debt... to credit cards and bank loans... so, can i reduce the repayments from my flat sale proceeds while calculating my profits from LTCG. As i am a senior citizen, i even want to the balance amounts in fixed deposits... etc. You may please throw some light as this may pertain to both legal and / or taxation query..

venkat batchu (Querist) 02 February 2024
Respected Sir, I just have seen an article telling that if a senior citizen like me sells the only residential property , no LTCG will be applicable if the income is below certain limit like 3.0 lakhs.. can you please provide the laws regarding this.. as i am in that situation..

kavksatyanarayana (Expert) 02 February 2024
Consult a local CA in this matter.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries