Reinvestment od capital gain

Querist : Anonymous (Querist) 03 August 2024 This query is : Resolved
While reinvesting the Capital from sale of my old property, I want to buy a new property in joint name with my son who do not have any CG on his name. In this scenario whether my CG will get exemption from tax .

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T. Kalaiselvan, Advocate Online

(Expert) 03 August 2024
Income tax act Section 54 provides an exemption on the capital gains arising from the sale of a house property when the proceeds are reinvested in another residential property within certain timelines. It pertains to the sale of a house property and the subsequent purchase of another house property.
The new property must be purchased in the taxpayer's name or jointly with others. If it is jointly owned, the exemption is available only in proportion to the share of the taxpayer in the new property. The taxpayer should be one of the joint owners of the new property to claim the exemption.

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