Exemption from capital gains
This query is : Resolved
27 November 2013
I have sold a plot in my name last month at Bangalore for Rs. 23 lakh. My father has also sold a plot around the same time for the same amount. Both of us now want to purchase a single flat for about Rs. 62 lakh in joint names by investing the entire sale proceeds. In such a situation , are both of us eligible for exemption under Capital gains, if so, what is the procedure for filing IT returns.
27 November 2013
assuming both of you holding the said land for the period of more than 36 months with clear documentation and the said land is not agricultural land both of you can claim exemption u/s 54F of the Income Tax Act 1961 if all relevant stipulations provided are adhered too.
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27 November 2013
Thanks a lot, its a long term capital gain i.e more than 3 years, but what are the conditions in this regard? and how do we file returns?
28 November 2013
PLease check with your CA or Tax Consultant as filing of IT Return is dependent on nature of your earnings and other aspects involved. Your CA is best person to advise
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