Can I off set the capital gain tax if I buy the new property in the name of my spouse

I sold a residential plot in FEB 2015. It was registered with my name. Now I want to purchase a Flat costing more than selling price of plot. But I want to purchase on my spouse name. Can I exempted from capital gain on purchasing on my spouse name?

Dec 12, 2016 by Chander Shekhar,   |   Taxation

Please note the following points in context to your query –

1. You sold a residential property in February 2015, but we do not know when you bought it.

2. If you have bought it more than 3 years ago then long term capital gains can be claimed provided you construct a new house within 3 years from the date of sale or buy a ready made house or flat within 2 years from the sale date.

3. If you have sold the property within three years then short term capital gains will apply and there is no relief to claim the gains as tax free.

4. To claim the long term capital gains tax benefits the name of the first holder should be same in the new property as well. However, you can keep your spouse as the second / joint holder.

Hope the above helps you.

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