How to save Long Term Capital Gain Tax.

AMITABHA SEN GUPTA (Querist) 18 October 2010 This query is : Resolved
Sir,
On Nov.2009,I along with my son(only issue) have jointy purchased a flat with cost approx. Rs. 16,00,000/-.But entire amount was paid by me from my own source on income.My son had earlier purchased a flat on Jan.2002 & the same was sold on Sept.2010 & earned Long Term Capital Gain of approx. Rs. 8,00,000/- on sale of that flat.
I want to know if my son payback to me Rs. 8,00,000/- as 50% payment as investment as co-ownership of the flat purchased on Nov.2009 at a cost approx. Rs.16,00,000/- (The flat purchasd within one year before sale of other flat),can he save Tax on Long Term Capital Gain of approx. Rs.8,00,000/-
What are official documents required in thease transaction?

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adv. rajeev ( rajoo ) (Expert) 19 October 2010
Within 3 years you have invested the gain in the another house property so you will get capital gain benefit

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