SynopsisET Wealth Reader's Query: I jointly own a property with my wife, although it was funded entirely by me. If I sell this property, is it necessary to purchase the new property in our joint names to qualify for the Long-Term Capital Gains (LTCG) tax exemption, or can I purchase the new property solely in my name?Getty ImagesIt would be advisable to maintain clear documentary evidence of the original purchase payments to establish that the entire investment was made by you. These are a set of queries raised by ET Wealth readers, which have been answered by our panel of experts.I jointly own a property with my wife, although it was funded entirely by me. If I sell this property, is it necessary to purchase the new property in our joint names to qualify for the Long-Term Capital Gains (LTCG) tax exemption, or can I purchase the new property solely in my name?Shubham Agrawal, Senior Taxation Adviser, TaxFile.in: If the property was funded entirely by you, that makes you the 100% beneficial owner and it will be alright to purchase the next reinvestment property only in your name. Please ensure that at the time of sale of the jointly named property, the buyer deducts the entire TDS only in your name. You also need to show the 100% sale and resulting capital gain in your income tax return.It would be advisa ble to maintain clear documentary evidence of the original purchase payments to establish that the entire investment was made by you. This may appear in your wife’s AIS summary on the tax portal since the data for sale of property there is pulled from the sub-registrar. You will need to give feedback there that the information belongs to another PAN/family member. This will largely ensure that your wife does not get a notice for non-reporting of this income.ALSO READ | Should I sell my flat and invest to earn interest, or keep it and earn rent in my retirement?I own a flat jointly with my wife and am planning to purchase another flat, again jointly with her. If I own two flats jointly with my wife and then purchase a third flat solely in my name, can I claim the exemption under Section 54F on the purchase of the self-owned flat? Will owning two jointly held properties create any tax issues or affect my eligibility for the Section 54F deduction?Shubham Agrawal Senior Taxation Adviser, TaxFile.in: Section 54F of the income tax act mandates that on the date of sale of the long term capital asset you should not own more than one residential house apart from the proposed new one for re-investment. In your case, you co-own two houses already.A conservative reading of Section 54F suggests that you cannot claim Section 54F exemption on your third flat. However, time and again, some assessees have taken the stance that the section does not define ownership as exclusive or joint and tribunals have sometimes ruled that in case of co ownership that house doesn’t count in the limit of one house.If you wish to take this stance and proceed, kindly work with a chartered accountant who will make you aware of the legal costs, possible duration of the litigation and interest and penal ties if the case is not settled in your favour.Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away. Email ID: etwealth@timesgroup.com(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.) (Join our ETWealth WhatsApp channel for all the latest updates)...more