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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 July 2012 I purchased a small piece of land in the name of my wife in 1983 for Rs 1500/- Now I intended to sell the same for Rs 10 lacs. can she invest the money in 1. my name 2. jointly in the name of my daughter and self in purchasing a house. She is already having two houses in her name.Does the income tax attracts in such cases. Pl discuss the law position and I am greatful if any case laws are given.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
21 July 2012 Since she is already having 2 Residential Houses in her name, she can not get exemption U/s 54F by purchasing a third residential house in any mode or manner.
.
You may invest the capital gains U/s 54EC in Bonds of NHAI, REC etc.
.
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CA Rahul Gupta

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CA Rahul Gupta (Expert)
21 July 2012 Agree with above expert
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