Capital gain on property

Tax queries 144 views 3 replies

Yogesh Sheth

5 Points Joined September 2018

Respected Seniors,

I have purchased a plot of land on 10th July 2018 in joint name with my wife for Rs 12lacs , developed it and constructed shed on it for which we made an expenses of 14lacs. Now iam having a ready buyer for 35lacs who is ready to complete the deal within 15th July. My queries are:

I will be entitled for long term capital gain or not.

We both have contributed equally for all cost so what will be individual liability of tax.

Can I purchase 54ec bond to save my capital gain tax.

Awaiting an early solution to my query and thanks in advance.

Yours faithfully,

Yogesh Sheth

Replies (3)

rama krishnan

12244 Points Joined May 2017

Yes you are eligible for deduction under 54f or 54ec as the case may be

sabyasachi mukherjee

28032 Points Joined May 2017

Yogesh

in whose name the plot of land belongs?
even if your wife incurs expenses it's a mutual understanding.
will u be purchasing joint property again or investing in securities?

RAJAT SHARMA

AUDIT ASSISTANT

179 Points Joined August 2014

Taxability for capital gain will arise in the ratio of ownership and ownership will be determined in the proportion of contribution to the cost of property by each of you.

Capital gain will be calaculate separtely for each co owner.

further it is not necessary to get exemption investment should be made jointly.