Sir is there any time frame for selling property recd as settlement deed for claiming exemption from cg tax. My friend is receiving a land from his mother as settlement deed and is planning to sell it and to buy a new house.so I would like to know whether cg on sale of land can be used for his first house buying.pl clarify thank you
1. Yes, minimum two years of aggregate holding by her mother and himself.
Contra voucher doesn't change in case of cash withdrawal or cash deposit. It treats both cash or bank similar.
Thank u sir fir ur response. Mother owns the land for past 10 yrs. Is it compulsory that the son after getting settlement deed should hold for 2 years to avail cg exemption If he wants to sell .
No. In case of gift, the holding period of doner i.e. mother is added to the holding period of donee (son, here).
Thank u very much sir
You are welcome.
A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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