Dear Friends
Please answer my following query.
A person has acquired by settlement through court of a family house in 2009-10. Now he has sold the house in the year 2010-11. The house was orginally purchased by his father in 1969. He has acquired a vacant plot in April 2011.
a) Whether the capital gains in long term or short term ?
b) Assuming it is a LTCG then can he claim exemption for the purchase of plot? ( He has plans to construct within 3 years. And he is yet to commence construction.)
CAclubindia
