I have sold an under construction property which got me 20 lakhs after loan repayment and my parents sold another property for 49 lakhs.
Out of the proceeds of this sale, we are buying a 2 BHK Noida authority property in Noida, which is to be registered at 55 lakhs according to the revised circle rate of Noida.
Thecost after registeration, transfer charges, brokerage etc comes to 60 lakhs.
Will any of the parties still liable to pay tax ?
My understanding is that since we are purchasing a new property from the sale, this should be exempt.
Also, can we get this NOida property registered in joint name i.e. Mine and my father's.