My Mother-in-law (aged-65) sold her 20 year old house for 40L and buying new under construction property for 60L which will be completed in less than a year. however she is not having additional capital of 20L for new purchase so she wants to buy property jointly with her married daughter who will contribute rest of the 20L through bank loan. I've two questions on this proposition. 1. Is this joint purchase possible considering above scenarios? 2. Can we make joint property on 50:50 basis where Mother-in-law will invest 30L & daughter will take 30L loan? the remaining 10L with mother-in-law will be used for construction improvement, interior , repair work etc. before completing 2nd year of capital gain. is this possible? and will it exempt 40L under Sec.54F? Thanks for you advise.
Mar. 15, 2018