Capital gains - long term

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2012 If an Assessee having a House Property. And the assessee sell the house property & buy a new property in the name of his son then who will be liable to pay income tax & is any exemption for it?

swati

swati (Expert)
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07 January 2012 If assessee sale a residential house property and again purchase with in 2 year or construct the house property with 3 year than he will avail the benefit of sec 54. but the property should remain with him for 3 years. if new property cost is higher than the capital gain than full exemption is available. house property shall be purchase in the name of assessee only.