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Husband & "wife both sell plot. & in return purchased one agriculture land in the name if wife. How exemtion should be claimed in the return of husband.
Replies (4)
When both sell plot, whether the plot is agricultural land?
If no, both will be liable for capital gains tax...... though wife purchased agri land....
if yes u can claim exemption u/s 54B
Can be not claimed either section 54EC or SEC 54f and can be deposit in capital gain scheme to purchase another house property before filing the return to purchase another house in exchange of such property
you can claim deduction on sale of plot if you invest the net sale consideration in residential property or invest the capital gain amount in 54ec bonds
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