Hello,
I own a Plot and looking to sell and purchase an Apartment. This Plot is almost 15 years old and I understand LTCG is applicable. As per 54F, I can avail the exemption for this LTCG if I am going to reinvest the entire proceedings in the new Apartment subject to the following conditions :
1. I own only 1 other house
2. I reinvest within 2 or 3 years
Now My questions are as below :
1. I already own 2 houses. Are there any clauses that allows me to take the exemption?
2. If I register one of the houses to my Wife so that only 1 house is left in my name, will that work legally?
3. I have a diughter, who is 18+ years old and unmarried. Can I transfer one of the houses to her name to avail this benifits?
4. Are there any other means to save taxes, while I purchase the new Flat?
Any help/guidance will be appreciated.
Thanks,
Gopi
CAclubindia
