Capital gain u/s 54f

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2012 I PURCHASED A PLOT IN FIN.YEAR 2005-06 FOR Rs 595800/- ( INCLUDING STAMP DUTY & BROKERAGE ETC.) I ADDED Rs 409600/- AS IMPROVEMENT COST IN FIN. YEAR 2011-2012.

I SOLD 2/3rd OF THIS PLOT FOR Rs. 2044500/- IN THIS CURRENT FIN. 2012-2013 AND PAID RS 48000/- AS BROKERAGE.

I AM ALSO CONSTRUCTING A NEW HOUSE ON WIFE’S PLOT.

AT PRESENT I AM LIVING (RESIDING) IN MY OWN ( MYSELF IS OWNER)
WITH MY FAMILY.

CAN I AVAIL CAPITAL GAIN BENEFIT FOR CONSTRUCTING A NEW HOUSE ON MY WIFE’S PLOT.

Amol S Joglekar

Amol S Joglekar (Expert)
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12 September 2012 Yes. You can avail the benefit of constructing a house on anybody's plot (including wife's) provided, the construction is in your name (Say stam duty record, corporation record etc. and you complete the said construction within a period of 3 years from the date of transfer.

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