Dear Sir,
I own a FLAT in my name in Chennai purchased 12 years back. Now I want to sell this FLAT and buy a residential PLOT in Bangalore in my wife's name. Iam an govt employee and tax payer. Is it permitted legally under property and IT rules. Am I subject to pay any LTCG. How can I save LTCG.
1) YES. 2) You need to pay tax only after indexing the sale consideration and reinvestment of sale consideration withinthe stipulated time period 3) When you are reinvesting the consideration in other property equavalent to the LTCG then no need to pay any tax.
Dear Sir,
Pl. answer my question that the Plot can be purchased in my wife's name.
YES YOU CAN
CAclubindia
