Capital gains tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2013 Dear Sir'
Can capital gains arising from the sale of immovable property be utilised for purchasing another residential property in the name of spouse ,or possibly in joint names to get full exemption from capital gains tax ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

31 January 2013 .
The word "Another Residential Property" can be interpreted in 2 ways.
In reference to the property sold as well as in reference to the Residential House held.
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The new residential Property can be purchased in the name of the assessee or jointly with the spouse.
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Sales Consideration received from immovable property (other than Residential) can be invested in Residential Property. Whereas if the property sold is a residential property, only capital gains are required to be invested
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The assessee should not have more than one residential house- This condition applies when the immovable property is not a residential.
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Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2013 Thanks for the reply sir.My query is resolved.

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