I owns 2 house at present and want to sell old one house and purchase new house. My question is
1. Capital gain exemption available to me?
2. any remendy for capital gain exemption?
3. can transfer one house (recent property) on son's name to purchase new one on my name?
if house is purchaed in 3 years you can get 54f benifit and how much portion of the CG you use will decide if you will be taxed or not, if you use full, no issues, or else for time being you can park the funds in CG bonds.
| Originally posted by : shailesh | ||
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I owns 2 house at present and want to sell old one house and purchase new house. My question is 1. Capital gain exemption available to me? 2. any remendy for capital gain exemption? 3. can transfer one house (recent property) on son's name to purchase new one on my name? |
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Want to utilise full of capital gain in new house purchase. But onward 2015-16 you cant avail CG benefit if u have already a house on your name, is it so?pl clarify.
But serch results brief that
But 54 F prevents, "when assessee owns more than one residential house on the date of transfer of the original asset". Please check and guide.
So it means u can invest only in one house and cant purchase 2 house from the capital gain of old house is it so?
thanks for guidence
CAclubindia
