TaxTMI 
TaxTMI 
TaxTMI 
I have two properties A and B in my name. I've had both the properties for over 3 years. I want to sell property B. I don't want to reinvest the gains in another property.
To claim exemption from tax, can i gift property B to my wife and then make her buy property A from me using the gains? Will this work?
Regards,
Ramesh
Long Term Capital Gains
Ramesh M
Gifting property to spouse doesn't exempt you from capital gains tax, strategy won't work as a loophole. An individual inquired about avoiding capital gains tax by gifting property B to their spouse and having the spouse purchase property A with the gains. The response clarified that this strategy would not exempt the individual from capital gains tax obligations. (AI Summary)