Long time capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 November 2015
There is one vacant land in the name of husband and wife. It was purchased in FEB2003.If sold during the year, can the capital gain be apportioned to both husband and wife equally;invest the gain in approved bonds to claim the exemption. Can both invest Rs.50 lacs each to claim the permitted exemption. Or is there any maximum permissible amount to be be invested out of one property
(Since there is maximum cap of Rs.50 lakhs)
(Since there is maximum cap of Rs.50 lakhs)
27 November 2015
1. If individual shares are not earmarked, general presumption is equal share to co owners.
2. If so, each co owner can invest Rs. 50 lakhs in approved bonds to save capital gains tax.
2. If so, each co owner can invest Rs. 50 lakhs in approved bonds to save capital gains tax.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 November 2015
Thank you very much for the clarification
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