Capital gain tax-property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 July 2012
Dear Experts,
In case of a collaboration agreement with a builder, in which 4cr is paid in advance by the builder against which he gets the second floor(22.5% share according to the contract) out of the ground+3floors he will build at his cost.
-Can the 4cr be used to buy an apartment and get exemption from capital gain tax?
-When does the capital gain account needs to be opened,after the possession of the new building and the registry for the second floor to the builder,or after a year from when the 4cr was received?
-initially it was a 20yr old constructed house in defence colony
-under the joint name of husband and wife.
Thanks in advance
In case of a collaboration agreement with a builder, in which 4cr is paid in advance by the builder against which he gets the second floor(22.5% share according to the contract) out of the ground+3floors he will build at his cost.
-Can the 4cr be used to buy an apartment and get exemption from capital gain tax?
-When does the capital gain account needs to be opened,after the possession of the new building and the registry for the second floor to the builder,or after a year from when the 4cr was received?
-initially it was a 20yr old constructed house in defence colony
-under the joint name of husband and wife.
Thanks in advance
31 July 2012
capital gain account needs to be opened if the amount to be claimed as exempt is not invested before the due date of filing return
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