17 July 2015
I want specific solution on this X purchased house in year 2000-01 (CII - 406) . Agreement (dastavej ) value exact 200,000 X died in year 2007-08 (CII-551). Property was transfered in the same year to the spouse (Y). Now Y wants to sale the prpoerty in this month. For this year CII figure is not available. Suppose we take 1100. He is going to invest 10 lacs in new house property.sec. 54 exemption Y does not have any other income. What should be the maximum value of agreement so Y will not be liable to pay any capital gain tax.
17 July 2015
The value of agreement can be 15 lacs. The indexed cost will be 5 lacs and the entire capital gain of 10 lacs invested in new house, no capital gain.
CAclubindia
