Legal Question in Real Estate Law in India

My father in law and brother in law jointly own a house in ahmedabad. The property was purchased by means of a loan that will be repaid back by March 2012. Now since our whole family has shifted to mumbai, we plan to purchase a new house here in the name of my husband and myself. But first we want to sell the ahmedabad property.
i wish to understand capital gain tax implications on such transaction. How much CGT will be applicable? Secondly is it possible to transfer the ahmedabad property first in our (myself and my husband's) name and then sell it?

Asked on 1/16/12, 9:10 pm

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Take advice of Income tax advocate

Answered on 3/04/12, 5:20 am

Shrichand Nahar S.V.Nahar, Advocate

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Long term capital gain tax on the difference of sale price and indexed cost at 20%, provided that house is owned/possessed for more than 3 years.

There is exemption available in case of sale of long term house property and purchase of a new house property from sale proceeds.

Answered on 5/26/12, 9:40 pm

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