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Selling and Buying a Flat with Changing Owner Sequence: Tax Implications?

T S Khurana |447 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Oct 20, 2024Hindi

Money

Sir, I am having a flat purchased in 2012 in joint name with my spouse and I am having first name. If I sell this flat and pur hase another flat where my spouse will be first holder and myself as joint holder then what will be tax liability . Kindly guide With regards

Ans: LTCG generated by Selling the Flat would be admissible for exemption u/s 54, if you purchase another Residential Property in joint names of both of you (irrespective of first or second holder), with in time limits.
Most welcome for any further clarifications. Thanks.

Asked on - Jan 08, 2025 | Answered on Jan 10, 2025

Thanks sir. We have booked property under construction in the joint name ( Mrs and Myself) which will be completed after 4 years. Can I sell the existing property which is also at joint name (Myself and Mrs)after taking possession of new property and take benefit of capital gain tax. THANKS.

Ans: If you sell the residential property, after taking possession of the Flat, you again will be entitled for exemption u/s 54, provided you sell the h.property with in one year of purchase of flat.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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