I have a query regarding capital gains tax. I sold my father's property (my father is no more) around 1.5 years back, for which the capital gains comes around 20 lakhs. I sold my apartment around 8 months back, for which the capital gains comes around 15 lakhs. I have bought an apartment 5 months, which i will be taking possession in Jan 2015. The cost of the apartment comes upto around 60 lakhs. So, I want to know, whether the total capital gains (35 lakhs) can be shown as investment being made for the apartment, which i bought for 60 lakhs. It would be helpful, if you could please clarify the same.
12 December 2014
You have NOT given the details of "FATHER's PROPERTY" Assuming it to be a HOUSE property and you are the ONLY heir You can claim the benefits u/s 54.
18 December 2014
Thanks for the info. My father's property is an independent house. I am not the only legal heir. It is between 3 brothers (including me). The amount of 20 lakhs that i mentioned above as capital gains is for per person (cumulative it is 60 lakhs). So, can you please confirm for the same, whether capital gains from 2 different property can be clubbed for a single residential apartment.
18 December 2014
You can very well get the benefit u/s 54 for the long term capital gain arising out of sale of A. Father's property and B Your own property. (The condition of purchase within a period of 2 years......is satisfied....that is what I am assuming.....1.5 years and Jan 2015)
CAclubindia
