Capital Gains Tax

370 views 2 replies

Hello,

 

Myself and my father jointly purchased a site @  5 lakhs in Oct 2002. We have sold this propery @  42 Lakhs in this month (Mar 2011). I would like to know can i purchase a House in next month ( not planned to make this joint with my father).

Can i claim for entire amount as capital gain exemption if my father is ready to transfer his 50% share of sold property amount to my name. I am purchasing a property which is more than the sold price mentioned above

Thanks for your help

Replies (2)

 

Your father can transfer this 50 % share of sold property amount as a gift but before it they have to pay LTCG on their 50% LTCG. And you can take benefit u/s 54F after investing LTCG in purchasing new property.

Agree with Pankaj


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