Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2011 Hi,

Will I get an exemption in Capital Gains tax, if:-

I sell a residential house property in my name (Husbands)

And invest the sale proceeds to buy a new house property in my wife's name.

I have only one house property in my name and nothing in my wife's name.

And please confirm, if i have to buy such a house property in 2 years time from the date of sale and 3 years for to construct a house.

Please advice.

Thanks

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)
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10 December 2011 The Capital Gain will be assessed in your case and after selling property you can buy a property in two years and construct the same for a period of 3 years from the date of sale. It is better that you will buy the property in both name Husband and the wife to claim rebate from Capital gain.