Capital gain

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Kumar (Querist)
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30 August 2012 Our client has 2 residential houses and a land. His wife has one residential house. Our client sells his land through which he gains 10 lakhs (Capital gains).He is going to buy another house and register it in his name and his wife's name jointly. Could you please let me know the liability of capital gains?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 August 2012 Since your client has more than one house at the time of land sales, deduction u/s 54F will not be allowed meaning thereby tax on the said capital gains has to be paid.

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