how to avoid capital gain without investing in new capital asset,
elobrate
an women individual has sold a flat for rs 50 lakh and from sale consideration she used about 25 lakhs for repayment of loan which amount used for construction of house in husband plot. she was in bankrupt, she used remaining 25 lakhs for repayment of loan and she has huge debt in her name which she has no accountability for showing income tax department. she is unable to pay income tax for the capital gain which she earned during the previous year. currently she has some income earning from tutorials which is not properly earning.
her husband has a new house which is under constuction. can she take any advantage out of it by any means of changing title of the husband plot or through by showing the amount used to repay loan of the husband new house construction
thanking you
CAclubindia
