Capital gains tax
Querist : Anonymous
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 ?
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.
.
The new residential Property can be purchased in the name of the assessee or jointly with the spouse.
.
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
.
The assessee should not have more than one residential house- This condition applies when the immovable property is not a residential.
.
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
