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Capital gains tax on selling single ownership property and buying jointly

(Querist) 20 May 2015 This query is : Resolved 
If I sell a property (ownership more than 5 years), in which I am the sole owner, and simultaneously use the proceeds to buy a property of double the value jointly with a relative (both of us having 50% ownership in sale deed), then does it qualify in my case for exemption of Capital gains tax on sale of property ?
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P. Venu (Expert) 21 May 2015
Is there any real issue?
M V Gupta (Expert) 21 May 2015
To the extent of interest in the property purchased, you will be eligible to claim tax benefits under IT Act.
T. Kalaiselvan, Advocate (Expert) 24 May 2015
You may consult a tax consultant in the local to get clarified about the issues involved in it.

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