Capital gains
This query is : Resolved
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
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
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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