Dear All,
I have sold a flat in FY 2012-13 @ Rs. 32.00 lakh, which I have acquired in 2001 @ Rs. 12.00 Lakh. Can I invest the proceed in construction of house on a plot which is owned by my wife...to get Capital gain exemption. Pl guide and suggest alternate ways to plan capital gain taxes....!!!
Yes you can invest...Just get the new house on your name
Since the land is owned by your wife. you can not take the exempion.
@ Saurabh....If I buy a Land on lease and on that lan I construct House...Will I get Exemption...? Reply with Related Provision of the ACT or CASE Law.
You can consider the land and the building as two seperate assets. In that case, if the cost of construction is more than the capital gains, then there is no CG Tax.
You can consider the land and the building as two seperate assets. In that case, if the cost of construction is more than the capital gains, then there is no CG Tax.
Deposited in the Capital Gain Scheme for 3 year the amount not utlized for 3 years after w/d the amount what is the tax effect and index cost to apply
i want to sale a residential plot which have long term capital gain and i want to purchase a new residential plot. please advise i take benifit of capital gain exmption. please reply with section and rule. i not want to construction house on this plot and i have not any plot.
Karia Overseas
Ahmedabad
CA
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