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CONTRIBUTION IS KEY TO CLAIMING TAX BENEFIT

Business Standard |

18 September 2016

Whenever an individual sells a house, he needs to pay tax on the capital gains made in the transaction, unless the money is used to buy another house or is invested in certain instruments. The taxation of these gains can get tricky if the property is jointly owned. What if a couple sells a jointly-owned house and then wants to buy another property, either in the name of the husband or the wife, using the proceeds? Can the other partner still save on capital gains, despite no ownership in the new house? After changing jobs and relocating to Hyderabad, Sandeep Kumar Sinha wants clarity on ...