Capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2012 One under construction Residential flat Booked in June 2009 in the name of
1) a - Father -in Law
2) b - Daughter in Law ( Co-applicant )
3) c - Second daughter in Law (Co-applicant)

In April 2012 handover of the flat is taken by them.But registry of the flat is due.

Father in Law has one Property in his HUF of which he is karta.He sold that property (Land & building) of the HUF in April 2012.

Now My question is -
1)Can the fund with HUF be used to buy the share of b & c so that Capital gain Tax is saved - by investment in another house property with in six months instead of buying bond or another new property.

2)What will be the implication in the books of b & c.Till now they are showing advance to builder in thier books.Will Capital Gain Tax calculation question arises in their case also.

Pls advise

Amol S Joglekar

Amol S Joglekar (Expert)
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06 August 2012 HUF can invest in house property ( 2 years for purchase and 3 years for construction.)The capital gain of daughter in laws needs to be calculated

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