09 July 2010
One person has 50% share in two residential properties since 1990, Out of two residential properties he has given one property on rent and sold one property in Sept. 2009.
The long term capital gain arised from sale of one residential property has been invested within 6 months in another two residentail properties.( here also 50% share)
Now after making the new investments in two residential properties the amount of investment is going more than long term capital gain.
So the amount excess invested can be setoff against income from rent
CAclubindia
