Dear Sir, I inherited a house along with plot bought during 1956 by my mother @ Rs.2400/-. My mother died in Nov'1988. Now I want to sell a portion of the plot( 1/3 rd) and the sale value will be around Rs.1.5 crs. In this regard I need the following clarifications.
1.Can I buy more than one property and it will help in saving capital gain tax?
2.Whether the investments may be made in my son's name and if so whether I will get the benefit.
3.I already have a house in my name. If I build a house in the remaining area, whether it will save captal gain tax. With the balance amount can I buy plots.
4.What is the procedure for maintaining the capital gain account.
5. In which financial investments, we can avoid capital gain tax.
Thanking You
CAclubindia
