Capital gain query

For claiming exemption of ltcg, new property purchased should be retain for specific period i.e. 3 year. If assessee sale that propery within that period, earlier exempted ltcg will taxed back in respective f.y. Purchase of land and construct house will not give exemption from ltcg again as it is already set off against purch. of house 39 lac.

For claiming exemption of ltcg, new property purchased should be retain for specific period i.e. 3 year. If assessee sale that propery within that period, earlier exempted ltcg will taxed back in respective f.y. Purchase of land and construct house will not give exemption from ltcg again as it is already set off against purch. of house 39 lac.

Thank you for your quick reply.

Is it possible to sell the new property and not claim exemption u/s 54 for that, instead construct a new house from the sale proceed of the new property and then claim exemption u/s 54?

I think that option is better. Claim exemption from ltcg against construction of property and not against pur. of new property.

If he sells this new property to construct a new house and claim exemption u/s 54, does he have to deposit the sale proceeds first in capital gain deposit account or normal bank transactions will be acceptable?

Yes exactly he have to deposit 45 lacs in capital gain scheme a/c to claim exemption form ltcg. And let me clerify that here purchase/sale of new property of 39 have no role in dis calculation bcoz its stcg.

When one person 'A' transfers a property to another person'B'(no family) only with Possession rights(i.e., only usage rights but no right to sale that property).then the real owner 'A' has any right to sell that property in any circumstance or who has the right to sell that property? and if 'B' dies, what is the status of that property?

Anyone plz clarify my doubt and if possible please mention the section of the Act related to my query.....Thank You