Invsetment through capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 May 2015
I sold my property in 2014 by which i am entitled to pay capital gain tax, to overcome that the amount has been invested in capital gain account of nationalized bank.
I am planning to invest in a flat in Mumbai, the amount is insufficient for booking a big flat.My daughter and son in law would like contribute the remaining amount via bank loan. if that is the case
1. will i get a capital gain tax deduction if the flat is being bought in two names? i.e. in mine and son in laws name, since he will be financing the additional amount required.
2. I understand that the money should be invested within 3 years if you are constructing a house. In case there is a delay in completion by the builder do I need to pay capital gain tax ,
when can i sell it again in case i want to buy a better flat pl advise
I am planning to invest in a flat in Mumbai, the amount is insufficient for booking a big flat.My daughter and son in law would like contribute the remaining amount via bank loan. if that is the case
1. will i get a capital gain tax deduction if the flat is being bought in two names? i.e. in mine and son in laws name, since he will be financing the additional amount required.
2. I understand that the money should be invested within 3 years if you are constructing a house. In case there is a delay in completion by the builder do I need to pay capital gain tax ,
when can i sell it again in case i want to buy a better flat pl advise
Vishrut Shah
(Expert)
12 May 2015
Answers to your questions :
1. If you are the first property holder than benefit can be claimed. Who so ever if financing is not primary condition to claim tax benefits.
2.Yes you need to utilize the amount within prescribed time period. in case if it is not than you have to pay capital gain tax in a year it self when the conditions stand violated.
1. If you are the first property holder than benefit can be claimed. Who so ever if financing is not primary condition to claim tax benefits.
2.Yes you need to utilize the amount within prescribed time period. in case if it is not than you have to pay capital gain tax in a year it self when the conditions stand violated.
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