Capital gains tax
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2015
I have purchased a residential flat in 1989 & my brother has stayed in the same on goodwill.
Now I am thinking of selling the premises & from the sales proceeds plann to buy two separate premises - one for me and one for my brother .
How best to minimise on Capital gains tax.
Can I show the flat bought for my rother as gift to him?
Kindly let me have your valued suggestions.
Now I am thinking of selling the premises & from the sales proceeds plann to buy two separate premises - one for me and one for my brother .
How best to minimise on Capital gains tax.
Can I show the flat bought for my rother as gift to him?
Kindly let me have your valued suggestions.
07 July 2015
if you are the owner of the 2 house u purchase after selling the existing 1 then u will be eligible for exemption.
https://www.charteredclub.com/section-54/
https://www.charteredclub.com/section-54/
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2015
Thanks for your reply.
I understand that one can have only one house in his own name -- the second house is treated as wealth.
Apart from that I have to give one house to my brother to provide for his accommodation -- only on that condition he is willing to allow to sell me my current house.
I understand that one can have only one house in his own name -- the second house is treated as wealth.
Apart from that I have to give one house to my brother to provide for his accommodation -- only on that condition he is willing to allow to sell me my current house.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Capital gains in IT returns
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Intimation under section 245
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
