long term capital gain
This query is : Resolved
06 December 2007
sir,
I sold my resedential flat in april 2007 and bought new flat in may 2007 .so I got full exemption as I invested the amt.
now in december I am getting 32 lacs from my grandfathers property which was a plot in mumbai.this property was bought in 1955.we are 6 brothers .individually I am getting share of 32 lacs .my question is if I invest total amt in resedential property will I get exemption from long term capital gain.as in my case 2 transcations of capital gain happening in same year
I sold my resedential flat in april 2007 and bought new flat in may 2007 .so I got full exemption as I invested the amt.
now in december I am getting 32 lacs from my grandfathers property which was a plot in mumbai.this property was bought in 1955.we are 6 brothers .individually I am getting share of 32 lacs .my question is if I invest total amt in resedential property will I get exemption from long term capital gain.as in my case 2 transcations of capital gain happening in same year
06 December 2007
As per my knowledge the capital gain arising from such transaction is to be invested within 6 months so you can invest later also.
07 December 2007
my query is will I get deductions as 2 transaction of long term capital gain are happening in one financial year
15 December 2007
No u can't because u/s 54 only a residential house u can claim as exemption . but another question is whether house receipt from grand father is as individual or huf.
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