RESIDENTIAL PROPERTY

Dear Kumar,

           In the present case, ur wife is gonna sell tha property acquired by her through will. So she has to buy a residential property before 2 years from the date of sale of within 1 year before the date of sale. She has booked  a house on Aug 2011. In both the above cases she will eligible for CG exemption. But she should not have more than one residential property

Daer Sir,

In both the situations you have mentioned about the acquisition of property whereas CG is charged when an asset is sold...

Where is the Sale???

Transfer of assets through "will" are exempt in the hands of transferor u/s 47.

Receipt of assets through "will" are exempt in the hands of recipient u/s 56 .

With due respect to Mukund Sir, to claim Sec 54 i:e 1 Residential House for another, assesee ccan have any number of houses. The limit, which he has mentioned applies in case of Sec 54F.

Absolutely ,Mr. Amir is correct.