LTCG is exempt for an individual or HUF on sale of a residential house property, if such gains (not the whole consideration) is utilised to purchase or construct another residential house. It should be noted that the new house should be purchased within one year before or two years after the date of transfer.

2) in your case you made capital gain of Rs 58 lakhs . you have to invest said gains in purchase of flat

3) 50 per cent of flat ownership cannot be transferred by gift deed . it has to be by sale deed by your spouse

One of the exemptions for long-term capital gains is under section 54F of the Income-tax Act, 1961. It provides for exemption of long-term capital gains on transfer of any asset, if the net sale consideration is reinvested in acquisition of a residential house. One of the conditions in order to claim the benefit of this exemption is that on the date of transfer of the asset, the taxpayer should not own more than one other residential house.

Joint ownership for the sake of convenience is certainly not regarded as an ownership for the purpose of tax laws, and therefore the prohibition would not apply to such cases. In case of beneficial joint ownership, each joint owner would be regarded as a beneficial owner of the property in the proportion of the cost of the property borne by her to the total cost of the property.

For instance, for a property costing Rs.10 lakh acquired in joint names of A and B, if A has paid Rs.7.5 lakh and B has paid Rs.2.5 lakh towards the cost of the property, they would be regarded as joint owners of the property in the ratio of 75% and 25%, respectively. It is really in such cases of beneficial joint ownership that one needs to consider as to whether it amounts to ownership of the house by each joint owner.

So far, the view clearly was that even joint ownership of a house qualifies as ownership of a house.

the flat is purchased in your spouse name . if you want 50 per hare in flat better enter into sale deed wherein you purchase your spouse 50 per cant share in flat

2) the said money can be used by your spouse for repayment of bank loan

3) LTCG is exempt for an individual or HUF on sale of a residential house property, if such gains (not the whole consideration) is utilised to purchase or construct another residential house

4) in your case if your spouse executes gift deed in your favour you would not entitled to benefit of LTCG

The bank can refuse to give NOC, and would ask you to clear the loan, then you may have to restructure the loan so that the property is transferred to you in full and then you apply for fresh loan, generally bankers would allow the loan to be continued by the existing member, but it depends on the discretion of the bank manager.

The question of EMI repayments to be considered as investment of the capital gains do not arise.

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house. If in this case the seller was liable to pay income-tax on capital gains arising on sale of old house, then it would be a hardship on him. Section 54 gives relief from such a hardship. Section 54 gives relief to a taxpayer who sells his residential house and from the sale proceeds he acquires another residential house.

From where did you get this capital gains and what about that capital gains amount which is already in your possession, did you dispose it for any other purpose.

Within a period of one year before or two years after the date of transfer of old house, the taxpayer should acquire another residential house or should construct a residential house within a period of three years from the date of transfer of the old house.

With effect from assessment year 2015-16 exemption can be claimed only in respect of one residential house property purchased/constructed in India. If more than one house is purchased or constructed, then exemption under section 54 will be available in respect of one house only.

From where did you get this Rs. 58 Lakhs.

This amount can be considered as capital gains only when you have received this money as sale consideration by selling a old house and exemptions for paying tax on this can be claimed if this amount has been utilised for investment in purchasing a new house.