Capital gain
This query is : Open
29 August 2012
A RESIDENTIAL PROPERTY IN A JOINT NAME WHICH IS ACQUIRE BEFORE 1980.SAME IS SELL OUT IN THE YEAR 2006 THE GAIN ARISE FROM SELLING THE PROPERTY IS DISTRIBUTED TO TWO PERSON IN THE SAME PROPORTION. BOTH ARE PURCHASE ANOTHER RESIDENTIAL PROPERTY WITHIN TWO MONTHS FORM THE DATE OF SELLING. THE 1ST OWNER OF SELLOUT PROPERTY IS PURCHASE RESIDENTIAL PROPERTY IN THE NAME OF HIS WIFE AND 2ND OWNER OF SELLOUT PROPERTY PURCHASE RESIDENTIAL PROPERTY IN THE JOINT NAME WITH HIS TWO SON.
CAN IN BOTH THE CASE CAPITAL GAIN EXEMPTION AVAILABLE? UP TO WHAT AMOUNT?
CAN IN BOTH THE CASE CAPITAL GAIN EXEMPTION AVAILABLE? UP TO WHAT AMOUNT?
29 August 2012
Yes eligible as the transfer made to the family members with out any consideration and for the quantum of exemptions follow sec 54F
31 August 2012
THANKS SUNIL RAO.
But Sec. 54F is for Transfer of Long Term Assets OTHER THAN A RESIDENTIAL HOUSE PROPERTY.
But Sec. 54F is for Transfer of Long Term Assets OTHER THAN A RESIDENTIAL HOUSE PROPERTY.
08 September 2012
Sec 54f is for other than residential property
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