Long term capital gains on sale of residential property


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
05 June 2011 A property sold at 58 lacs in 2011 & the same was purchased in 2004 for 20 lacs. If the proceeds are invested by the owner in a property in the name of his son. Wat is the tax liability ? Does he get the benefit of the OS loan on the property sold ?

05 June 2011 The exact tax liability can not be ascertained on this transaction as
the details are required in the form of Financial Year and not in the form of Calendar year.
*
Father will have to pay long term capital gain tax if he himself does not purchases the property in his name.
*
There is no benefit in respect of OS loan on the property sold.


Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
06 June 2011 Thank you..... The fy for purchase is 2004-05 & sale is 2011-12. So he can be a co owner in the property with his son ?

06 June 2011 Yes , in that case capital exemption can be availed.

06 June 2011 LTCG exemption will be available only to the extent of his own share.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details