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Exemption on cg tax

27 March 2023

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

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 27 March 2023

1. Yes, minimum two years of aggregate holding by her mother and himself.

2 Like

MPR Sanjay Kumar (2979 Points)
Replied 27 March 2023

@ Honourable Dhiraj Lal Rambhia sir, Typically cash withdrawal entry is

Cash a/c Dr

To bank

but why in Contra voucher it is vice versa???

could you please explain me

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 27 March 2023

Contra voucher doesn't change in case of cash withdrawal or cash deposit. It treats both cash or bank similar.

suja pirama (132 Points)
Replied 28 March 2023

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 .