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
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.
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
