Sir,
Friend of mine has a residential property which was gifted (Registered Gift Deed) by his Grand Father (Self Owned Property) to his Dad and 2 Uncles.
Now the Property is registered in the name his Dad and 2 Uncles.
Now they all want to add their childrens name in the registered deed (2 children each Person, means total 6 childrens and 3 parents = 9 owners of the said property will become).
Now the query here is as follow:
1. Will they be eligible to have share in the said property?
2. After they sell the property do all the owners of the said property need to purchase 1 single property or else they can purchase their own property (9 Properties).
3. What all options do they have to save Long Term Capital Gain? (I know about Purchase another property and NHAI Bonds).
4. Do they have option to save their money in 2 different places? (Suppose 1 person has got 50 lacs from the said property and he buy 1 property for 20 lacs and invest 30 lacs in bonds, will he get tax redemption on LTGC on both or only on one, Please let us know if they get tax redemption on 1 or 2 then on what section).
Thanks
