My mother in law is 67 years old. She sold her previously owned property and bought two flats from the sale proceeds of the previous property. One of the flats is only 15% covered. She bought one of the flats with my wife and one along with my wife and me so that we get a home loan. Now I want to know that even after re-investing all of her sale proceeds will she fall under capital gains tax ambit?
Answered on November 08, 2017
Depends on the gains made by her on the sale of the earlier property qua the price at whihc she broguht the same originally and also whether such gains has been fully invested within 1 year of the sale of her property.
