Capital Gains investment in residential property funded equally by daughter.
I purchased a plot in 2005 paying cheque amounting to Rs 65,800. It was registered in January 2015 indicating the said amount as well as the then current (Jan 2015) market value of Rs 18,59,000. Now I plan to sell the said plot after 3 years of registration and if I get some 20L then plan to invest that total amount in purchase of a flat for some 40L where my unmarried daughter plans to invest some 20L through bank loan. I wish to know the following in this regard.
1. What will be my capital gains amount.
2. Shall I qualify for Capital Gains Exemption inspite of the fact that the remaining purchase cost of 20L for the fresh purchase shall be borne by my daughter.
3. Shall my daughter qualify to avail income tax deductions for her housing loan interst as well as principal repayment parts.
4. Shall the deed for the fresh purchase essentially require a mention of ratio (50:50) of ownership ?
5. Will there be any difference in this case if I include my wife's name also in the deed for the fresh purchase as third owner without any investment from her.