Long term capital gain
This query is : Resolved
04 February 2018
1. A and B are brothers and are co-owners of a Residential property.
2. They sold the property after 10 years and now wish to save tax on long-term capital gain.
Please advise on the following options
a) . If A and B with C (A's Wife) and D (B's Son) buy a plot together with share of @ 25% each and construct that plot within 3 years of A and B selling the Residential Property.
b) A and B (having 25% share each in the new plot purchased ) invest their respective Long Term Capital GainS in that plot which will be constructed within 3 years.
WHETHER A AND B WILL GET EXEMPTION FROM THE RESPECTIVE LONG TERM CAPITAL GAINS
2. They sold the property after 10 years and now wish to save tax on long-term capital gain.
Please advise on the following options
a) . If A and B with C (A's Wife) and D (B's Son) buy a plot together with share of @ 25% each and construct that plot within 3 years of A and B selling the Residential Property.
b) A and B (having 25% share each in the new plot purchased ) invest their respective Long Term Capital GainS in that plot which will be constructed within 3 years.
WHETHER A AND B WILL GET EXEMPTION FROM THE RESPECTIVE LONG TERM CAPITAL GAINS
CA R SEETHARAMAN
(Expert)
04 February 2018
Yes A and B will get exemption from long term capital gains as construction of house property will be completed within 3 years.
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