I am an NRI, I plan to jointly buy a property along with my father. The funding would be from a loan that I take and from the old property that we would be selling. Is it possible to buy a property in these circumstances? Also, could you guide us on the tax implication?
Answered on November 08, 2017
No harm in buying property in the manner suggested by you. There would not be captial tax implications if the property you intend to be is residential property and if all gains from selling of the earlier property are invested in buying of the new residential property .
