Purchase of a new property with the proceedings of sale hous

v chandrasekaran (Querist) 29 February 2020 This query is : Resolved
I am 67 years old.I have sold an old house in my name for 27 laks. I intend to purchase a new house for 50 lacs jointly with a relative who is bearing the remaining amount through house loan. Can I be a second party of the registration. Will there be any property gains implications on me. kindly clarify

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A 67-year-old individual sold a property for £27 lakhs and plans to buy a new home for £50 lakhs jointly with a relative. They are seeking clarification on whether they can be a second party on the registration and if there will be any property gains tax implications. Experts advise caution regarding joint ownership at this age and confirm that Long Term Capital Gains tax exemptions can be claimed by the individual when purchasing a new property, provided eligibility criteria are met.

ABDUL RAZIQUE (Expert) 29 February 2020
When any persons jointly purchased a property without any demarcation of position and possession of land . All the gain enjoyed by both and any one became second as a purchaser in the deed.

kavksatyanarayana (Expert) 29 February 2020
Agreed with advise of expert Mr. Abdul Razique ji.

Hemant Agarwal (Expert) 01 March 2020
CONSIDER THIS:
1. FIRSTLY, it is highly unwise (at age of 67) to jointly purchase (as a second named owner) a immovable property by pooling in your Funds. This is more so in the event the joint owner (irrespective of a very very sweet relative), turns out to be non-cooperative in future.

2. Long Term Capital Gains (LTCG) can be claimed alone by you, for any gains made by said Property Sale, ONLY in your Income Tax Returns.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Raj Kumar Makkad (Expert) 01 March 2020
I enorse the wise advice of expert Hemant Aggarwal.

T. Kalaiselvan, Advocate (Expert) 20 March 2020
long terms capital gains taxes exemption can be claimed by you by purchasing a new property either singly or jointly along with anyone provided you satisfy other eligibility conditions for this purpose.

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