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Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2011 Hi,

Will I get an exemption in Capital Gains tax, if:-

I sell a residential house property in my name (Husbands)

And invest the sale proceeds to buy a new house property in my wife's name.

I have only one house property in my name and nothing in my wife's name.

And please confirm, if i have to buy such a house property in 2 years time from the date of sale and 3 years for to construct a house.

Please advice.

Thanks

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)

10 December 2011 The Capital Gain will be assessed in your case and after selling property you can buy a property in two years and construct the same for a period of 3 years from the date of sale. It is better that you will buy the property in both name Husband and the wife to claim rebate from Capital gain.

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