Capital gain

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sohail (Querist)
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10 August 2012 my client has sold land,detail are as under.
he(client) got this land from his brother in year 2006(through gift deed). brother purchased this land 12years back. my client in year 2008 gifted half land to his wife (through gift deed. this year they have sold the land to different parties. i wanted to know the following.

1) the gift of land received by my client from his brother is valid or not.

2)the gift of land given by my client to his wife is valid or not.

3) any capital gain is applicable or not.

4) if applicable, what will their cost, indexing is allowable to them or not.

Amol S Joglekar

Amol S Joglekar (Expert)
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10 August 2012 gift of land is valid if it is a registered document. gidt to wife is also valid if it is a registered document. Capital gain is applicable subject to definitioon of capital asset of agricultural land.

sohail

sohail (Querist)
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14 August 2012 thank you amol, if it is a development land then what CG is there and after selling land they have again invested in other land developed by the government industrial board.

Amol S Joglekar

Amol S Joglekar (Expert)
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14 August 2012 Normally, the exemptions available for the long term capital gain arising out of sale of LAND are 54E, 54EC etc. Land against land is available only in few cases. You need to check this with the "developement' land which you are referring.

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