Capital gain u/s 54f
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.
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
(Expert)
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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