LTCG application on reinvestment of residential Land sale

Plot and Flat are different assets. Can take benefit u/s 54F provided your father didn't own any other residential house as on the date of sale of plot. Section 54 not applicable.

if entire sale consideration invested in new Residential flat under section 54F they no LTCG tax wud be applicable

good clarification and information

Thanks for the clarification. Request you to please elaborate as the CA we are referring to has calculated a tax of Rs 37000 and he says even I am liable to pay taxes.

Thanks for the clarification. Request you to please elaborate as the CA we are referring to has calculated a tax of Rs 37000 and he says even I am liable to pay taxes. Read more at: https://www.caclubindia.com/forum/modify_message.asp?msg_id=2072304

if your father's share value in newly purchased flat is equal to greater than the sale value of plot, then there's no tax implications in respect of your father. if the document value of newly purchased flat is less than the stamp duty value, then the difference amount will be charged to tax in equal proportion in your hands and your father under section 56(2)(x)

Since property was in Father's name so only he wud be liable for tax on LTCG.not sure why CA is asking you to pay tax. However in future if the current flat is sold then you will also be liable for tax

Thanks for the clarification sir. Would be obliged if you could work out in numbers. Let us assume the flat was bought for Rs 9 and the plot was sold for Rs 5. Plot was in father's name and flat is in both of us names. What would be the liability in this case.

Thanks for the clarification sir. Would be obliged if you could work out in numbers. Let us assume the flat was bought for Rs 9 and the plot was sold for Rs 5. Plot was in father's name and flat is in both of us names. What would be the liability in this case. Read more at: https://www.caclubindia.com/forum/ltcg-application-on-reinvestment-of-residential-land-sale-524393.asp#reply

What's the purchase price of plot