I am in process of selling some shares which will result in capital gains. I want to take benefit of 54f . My situation is following:
1st house - co-owned property.
2nd house - I am a co-owner of this new property where sale of agreement is signed abt 2 years back. Property is still under construction, will be delivered in a year and sale deed is not signed yet. Bank is financing this property.
Now for 2nd property , I have signed no-objection letter to builder, given notarized franked affidative to builder to remove my name from sale of agreement/sale-deed whenever it's going to sign and hence when sale deed is going to done in next 1 year it will be only in my wife's name.
Questions:
1) Doing above does it remove me from legal owner from 2nd property so that I can claim 54f. I will have only 1st property in my name.
2) Do I need to do anything else to substantiate my release of interest in 2nd property. Is notarization of affidative sufficient. Since property is not registered I can't do release deed.
