Capital gains tax

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Kumar (Querist)
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11 December 2014 Hi,

I have a query regarding capital gains tax. I sold my father's property (my father is no more) around 1.5 years back, for which the capital gains comes around 20 lakhs. I sold my apartment around 8 months back, for which the capital gains comes around 15 lakhs. I have bought an apartment 5 months, which i will be taking possession in Jan 2015. The cost of the apartment comes upto around 60 lakhs. So, I want to know, whether the total capital gains (35 lakhs) can be shown as investment being made for the apartment, which i bought for 60 lakhs.
It would be helpful, if you could please clarify the same.

Thanks & Regards,
kumar

Amol S Joglekar

Amol S Joglekar (Expert)
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12 December 2014 You have NOT given the details of "FATHER's PROPERTY"
Assuming it to be a HOUSE property and you are the ONLY heir
You can claim the benefits u/s 54.

Rupesh Jain

Rupesh Jain (Expert)
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18 December 2014 pls give full detail of your property and your father property .

if it is long term property then you can take benefit u/s 54

Kumar

Kumar (Querist)
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18 December 2014 Thanks for the info.
My father's property is an independent house. I am not the only legal heir. It is between 3 brothers (including me). The amount of 20 lakhs that i mentioned above as capital gains is for per person (cumulative it is 60 lakhs).
So, can you please confirm for the same, whether capital gains from 2 different property can be clubbed for a single residential apartment.

Thanks,
kumar

Amol S Joglekar

Amol S Joglekar (Expert)
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18 December 2014 You can very well get the benefit u/s 54 for the long term capital gain arising out of sale of A. Father's property and B Your own property.
(The condition of purchase within a period of 2 years......is satisfied....that is what I am assuming.....1.5 years and Jan 2015)

Rupesh Jain

Rupesh Jain (Expert)
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22 December 2014 YES YOU CAN TAKE THE BENEFIT

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