Q:I want to buy a property at Kolkata ( a residential flat) jointly with my son almost with 50 % contribution from each of us. My initial payment will be by breaking my bank fixed deposits and the balance payment from the sale proceeds of my property (flat) for which seller-buyer agreement has been done. My question is if my payment for the new property is more that what I receive from selling my present property (more than seven years old), then whether I can avail the Capital Gain Tax exemption u/s 54, even if the new property will be purchased jointly by me and my son. If I buy a property first at Kolkata investing from my own savings (Bank Fixed Deposits) and later on within a year I sell my Gurgaon flat and invest the sale proceeds investing in Bank Fixed Deposits, am I eligible for capital gain exemption, obviously if the buying price is more than the selling price.
Latest Answer: I am selling my property in Gurgaon over which I am getting a premium of Rs. 10 lakhs. Is it liable for income tax and how much income tax, do I need to pay for receiving the premium amount of Rs 10 lakhs. Please advise
