Long time capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2015 There is one vacant land in the name of husband and wife. It was purchased in FEB2003.If sold during the year, can the capital gain be apportioned to both husband and wife equally;invest the gain in approved bonds to claim the exemption. Can both invest Rs.50 lacs each to claim the permitted exemption. Or is there any maximum permissible amount to be be invested out of one property
(Since there is maximum cap of Rs.50 lakhs)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 November 2015 1. If individual shares are not earmarked, general presumption is equal share to co owners.

2. If so, each co owner can invest Rs. 50 lakhs in approved bonds to save capital gains tax.

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2015 Thank you very much for the clarification