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Sachin Kumar (Querist)
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05 May 2023 We are family of 3 brothers and mother. My father (expired in February 2017) purchased one flat in June 2016 and after death of father , 3 brothers gifted their portion to mother via gift deed and flat got transferred in my mothers name. My mother , 58 yrs , has sold a society flat in December 2022 for 35 lacs. Purchase Price was 20 lacs , stamp duty 1.4 Lacs , registration fees 10K. Long term capital gain is coming as Rs. 804356 (35 lacs - 21.50 lacs/264*331).

__the calculation of capital gain is correct ?

__ we want to save long term capital gain , basic exemption limit for FY 2022-23 is Rs. 2.5 Lakh , balance Rs 554356 if we invest in capital gain bond , the we will be able to save capital gain tax ?

__does capital gain is applicable in this case as flat got transferred in my mother name from father ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 May 2023 1. Yes. correct
2. Yes. eligible if invested before June, 2023.
3. Yes, as mother is 100% owner of the flat when sold.

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Sachin Kumar

Sachin Kumar (Querist)
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05 May 2023 @Dhirajlal Sir,

1.... capital gain is calculated at flat rate @20% , amount of deduction under 80C , 80D cannot be reduced from capital gain income ?
2.....can we withdraw amount before maturity which is invested in capital gain bond ?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 May 2023 1. You are absolutely correct. Only long term loss from any other asset can be set off with the LTCG.
2. No, lock in period of 5 years. Alternatively, it can be invested u/s. 54 for 3 years lock in period.

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Sachin Kumar

Sachin Kumar (Querist)
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05 May 2023 sir , I did not get , how amount can be invested in capital gain bonds for 3 yrs under section 54 ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 May 2023 Section 54 is investment in house property.
Investment in house property for amount equal or greater than LTCG for 3 years is eligible for the deduction. Be it with any other co-owner ...

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Sachin Kumar

Sachin Kumar (Querist)
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06 May 2023 I donot want to do investment in house property , I want to purchase capital gain bond , please suggest some private broker through I can purchase capital gain bond ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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06 May 2023 https://profitsolo.com/nhai-capital-gain-bonds-application-form-nhai-capital-gain-bonds-interest-rate-online/#:~:text=How%20to%20Buy%20NHAI%20Capital%20Gain%20Bonds%20Online%3F,hold%20bonds%20in...%20Document%20Upload%20You%20can%20

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