Capital gains from sale of properties

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Me & my wife jointly own a residential apartment in urban Chennai, self occupied. Further my wife owns two agricultural,rural,lands,

one jointly with me. Also we both induvidually own one ground each of residential urban lands.We plan to dispose off the lands.

Please advise the tax implication on capital gains and how to avoid by investing in residential properties.

Replies (1)

Firstly we come on Aggriculture Rular land:- No capital gain as same not constitute capital assets.

Secondly you said jointly owned residentail appartment in urban:- capital gain will be taxed in your hand and as well as yours wife hand in the portion of share owned by both of you.

Capital gain will be depends on the period of holding by you i.e. Short term/long term.

And exemption of that capital gain will be allowed as per the cases.

 

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