Ltcg benifit

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Devendra

33 Points Posted on 10 February 2012

I want to sold my flat in Rs 50 Lac. my LTCG is 48 Lac. To take benifit I have to invest to purchase new flat. My queries are

1. Can I buy flat on my Son name only and take benfit of LTCG ?

2. Can I buy one flat on my name and second one on my son name and get benifit of LTCG for boht the flat ?

3. Can I take buy one flat for 48 Lac with my name and son name jointly and avil the benifit of LTCG ?

Replies (2)

PRADEEP REDDY

CHARTERED ACCOUNTANT

664 Points Posted on 10 February 2012

devendra,

As per SEC .54 of i.t. act you can take exemption on LTCG by investing the same in purchase or construction of house .

The purchase or construction may be in the name of yours or your son or both jointly

Any way exemption is granted if all other conditions under act are satisfied

Devendra

33 Points Posted on 09 March 2012

Dear Sir,

I have sold my flat on Rs 70 Lac My capital gain tax is 60 Lacs. now I want to take one plot and do the construction from the builde. Plot cost comes arount 10 Lacs and for Construction I have to give 2 Lac every month from the amount upto 24 month. Should I transfer whole amount to Capital Gain tax Saving account ?

If I transfer amount to CGT account will bank allow me to tranfer 2 lac every month for 24 month

When I talk to bank they told me that you have to get permission from IT Dept Every month for the tranfer of the fund. Please tell me what is the procedure for the same ?

Can LTCG amount will be used to furnish the new house also. Please where I can use this LTCG in my new home i.e. Registration of home, Transer money etc.

Regards

Devendra Mehta