I sell property and got profit. I want it to invest in Long term capital gain tax bonds for 5 years. Can I add my son's name as 2nd account holder.

Ans: No, to avail the benefit of specified bonds, Investment must be made within 6 months from date of transfer of asset (i.e. residential property) and maximum exemption of Rs 50 lakh is available.

Option of investing in a Capital Gains Account is available in case you plan to invest an amount of Long Term Capital Gain earned from a residential property into another residential property and you are unable to utilize money in construction or buying a new property before filing Income Tax Return.

Ans: It can be kept in your savings account

Ans: Dear Sir, at the time of sale of your old flat, it is required for you to work out the capital gain tax implications. Since, you are investing another property ( presuming residential), you are eligible for deduction had this be in your name. But, since you plan to buy the new flat in your son's name, it would better for you to first buy the property in your name , which will help you to nullify your capital gain tax implications if any and then, you can gift the flat to your son. There would be stamp duty implication at the time of gift deed registrations, but that is still better, instead of directly buying the flat in your son's name directly, which may have higher capital gain tax implications.

Ans: You cannot add a second holder to an existing demat account. Regulatory guidelines do not allow converting a single-holder demat account into a joint account.

However, you can open a new joint demat account with your son as a co-holder. A joint demat account allows multiple holders and can be an ideal option for family members wanting to invest together.

Options for Joint Investment
Opening a New Joint Demat Account:
You can open a new demat account where both you and your son will be joint holders.

Both holders can access and manage the account.
This is useful if you want to manage investments together.
Existing Account:
Since your current demat account is in your name only, you can:

Keep using it for your investments.
Add your son as a nominee to this account.
Alternatively, you can give your son Power of Attorney (POA) to manage the account on your behalf.

Joint demat accounts can be opened with two or more holders, but you cannot convert an existing single-holder account.
Opening a new joint account with your son is the best solution for combined investments.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in