New Joint Residential property & Tax implications
Hi! My query is related to a Sale & further purchase of Residential property.
We have a bought a Residential property in Pune in 2005 & sold the same in July 2014. It was a joint property co-owned with my wife wherein I was the First holder and all payments done from my Account. At the time of sale all proceeds were credited in my Single account after getting an NOC from my wife.
Now we have booked another property in Mumbai in July 2015, wherein the Investment is done by me and my mother (wherein she selling few properties on her name).
Now Me & my mother will be joint Owners in the New property, wherein in at a later stage my mother plans to execute a Gift deed on my name for her share of the property.
Regarding this I have the following queries;
1) Can my wife (a House-wife) be added as the Co-owner in the Registration documents in the New property, and if Yes what will the Financial implications in Future.
Especially with respect to LTCG tax, Tax rebate on Home loan Principal & Interest, and other taxation laws.
2) Would the benefits regarding LTCG will be dettered or diluted in any way if We plan to buy a New property at a later stage with fresh funds, either in Individual or Joint name. Keeping in mind the Taxation Law allows LTCG benefits only for 1 Residential property (correct me if I am wrong)
3) For taxation purpose what will better whether to include my wife as Joint-Owner or not.
Your in-depth, Informative & Quick Revert will be highly appreciated, as we Intend to Register the property in next a day or two.
Thanks & Regards