I purchased a vacane plot in 2004 and sold it in 2009 and i got a capital gains of 45lakhs. Me and my wife are co owners and we have share in the ratin of 80:20. In 2009 after sale we deposited total consideration in to capital gains a/c and after that till date we purchase on my name one flat and on my spouse name one flat and constructed a building on co-ownership. Then what will be tax affect on my capital gains.?????????? Somebody please explain and solve the problem.
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Capital gains
Replies (2)
Dear Rajesh,
While the gains are yours the assets also in your name. If it is not the AO may disallow the exemption proportionately.
I need more clarification
the land/plot which was sold was that in joint name?
or in your name BUT the NEW PLOTS (considering word CONSTRUCTED) ARE in your spuse and your name?
considering constructed a building on co-ownership, Are the flat adjacent to each other?
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