Capital gains on sale of plot
Querist : Anonymous
I had following queries to be asked:
1) Whether plot of land transferred as a gift under conveyance deed from husband to wife would
amount to transfer or exempt transfer ?
2) Whether cost of acquisition and holding period of the husband will be considered in computing
capital gains tax on sale of above land, since husband was holding plot before 1995 ?
3) Whether, wife has to invest in bonds of NHAI/REC in her own name ?
02. Cost to previous owner & period of holding of previous owner should be considered.
03. Wife can avail the benefits of NHAI/REC
Querist : Anonymous
2. Even though capital gains does not arise, for the sake of your answer cost of acquisition and period of holding of previous owner will be considered.
3. Wife should invest only in her name.
Querist : Anonymous
Further, i want to mention that the Plot of Land was transferred under the compliances as per HUDA via conveyance deed on which only registration charges was paid to HUDA and no consideration was given from wife to husband. Can we Treat it as Gift under exclusions of section 56(2)(vii) ?
Querist : Anonymous
It comes under the family transfer and should be an exempt transfer.
Querist : Anonymous
You need to be careful. At the beginning you said "plot of land transferred as GIFT". Subsequently at one place you wrote "plot of land was transferred via conveyance deed"
I think the language of this document shall play the important role.
If it is GIFT, it will go under section 56 and hence exempt.
But if it amounts to transfer, section 50C will be attracted. Better be in touch with a nearby competent person who can go through the said document and take the call accordingly.
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