29 August 2012
A RESIDENTIAL PROPERTY IN A JOINT NAME WHICH IS ACQUIRE BEFORE 1980.SAME IS SELL OUT IN THE YEAR 2006 THE GAIN ARISE FROM SELLING THE PROPERTY IS DISTRIBUTED TO TWO PERSON IN THE SAME PROPORTION. BOTH ARE PURCHASE ANOTHER RESIDENTIAL PROPERTY WITHIN TWO MONTHS FORM THE DATE OF SELLING. THE 1ST OWNER OF SELLOUT PROPERTY IS PURCHASE RESIDENTIAL PROPERTY IN THE NAME OF HIS WIFE AND 2ND OWNER OF SELLOUT PROPERTY PURCHASE RESIDENTIAL PROPERTY IN THE JOINT NAME WITH HIS TWO SON.
CAN IN BOTH THE CASE CAPITAL GAIN EXEMPTION AVAILABLE? UP TO WHAT AMOUNT?
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