Dear Experts,
Kindly advice me on the below mentioned issue:
My wife had a DDA flat allotted to her before marriage and took loan for the same. After the complete loan repayment conveyance deed was made after our marriage. At the time of conveyance deed my name was also added on the conveyance deed that means we both were made joint allottees of the said flat.
Then we sold that flat in the month of january 2012 and sale proceedings were given in the name of my wife. But from that almost 50% was given by her to me in the form of cheque. After selling that we purchased under construction floor from those sale proceedings, the floor shall be completed next month, sale deed was made in the month of February 2012. On completion of the floor the final paper i.e. POA shall be made as registry for that area is not possible.
Now I wish to get advice on following issues :
(1) What are the tax implication by selling the DDA Flat for both of us and utilizing the sale proceeds in a property which is yet to be authorised and is in the list of considerable colonies for authorisation?
(2) Would it be right if the papers of new floor are made in my name initially and later on registry be done in my wife's name whenever it is possible?
(3) In case initially the papers are made in my name, would there be any taxation liabilities of long term gain on my wife because of not utilizing the sale proceeds of DDA Flat within stipulated time in buying another house?
Please help me with your generous suggestions as soon as possible.
regards
Rajeev
