capital gain tax

This query is : Resolved

sreevisalam (Querist)
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15 March 2011 Dear Sir,

I have owned a plot worth Rs. 10 lakhs and a house worth Rs. 20 lakhs. Last year on 28-02-2010 I had gifted my house to my son.

Now I want to sell the plot and purchase a house with the proceeds of the plot will you please guide me whether I have to pay capital gain tax for the amount of Sale of Plot.

Please advise.
Thanking you,
Yours faithfully,
C. DURAIRAJ
PALLATHUR-630107

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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15 March 2011 When u gifting the plot then it will be a specified mode as far as son is concerned.

But capital gain which is otherwise taxable shall be get exempted if invested in mode specified u/s 54 and 54 F