Property purchase

Hii

for getting maximum loan Benefits as per my views 

transfer existing home in your name as gift then sale such gifted property and get double benefits 

1 save tax on capital gain 

2 got benefits of interest and principal on home loan 

If you wish to plan capital gain on sale of old house, then you need to register the house in joint name but then you will have to sale the old house with 1 year of purchase of new house.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hi

It is advisable to get it registered in co-ownership.

If you're planning to sell the old property first, it should be sold within 1 year of buying the new property in order to claim capital gain exemption.

We may discuss the issues further.

Hello,

You should buy the new house joint names. 

For Capital Gain Exemption, you will have to sell the old house within one year from the date of purchase of the new house property.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Dear Sir,

Hope you are doing well !!

It is advisable to buy the new house joint names. 

Also, to get the capital gain exemption, you need to sell the old house within one year of new property purchase.

Please take a phone consultation for detailed discussion.

Dear Sir,

Here is my reply to your query:

In case you buy the new house in the name of your father in that case you can claim the exemption from the capital gain tax if you will sold the old house with in a period of one year from the date of purchase of new house. 

But in case you will buy the new house in your own name in that case you have to pay the capital gain tax at the time of sale of old house. 

Also, if you buy the house in joint name in that case capital gain arises in the hand of your father will be exempted to the extent of the ownership of your father in the new house. It means if you buy a new house for Rs. 1cr with 50 percent ownership of your father, so upto 50lacs capital gain is exempted in the hands of your father. 

Thanks and Regards

Divya Chugh

in joint name