Capital gain

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(Querist)
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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sunil rao malla

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sunil rao malla (Expert)
29 August 2012 Yes eligible as the transfer made to the family members with out any consideration and for the quantum of exemptions follow sec 54F
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Ashish Ranpara

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Ashish Ranpara (Querist)
31 August 2012 THANKS SUNIL RAO.


But Sec. 54F is for Transfer of Long Term Assets OTHER THAN A RESIDENTIAL HOUSE PROPERTY.
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Ashish Ranpara

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Ashish Ranpara (Querist)
08 September 2012 Sec 54f is for other than residential property

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