11 May 2017
I need some small help from you in calculating the tax part from the taxation angel please.
We are selling a property where we are residing jointly.There will be shares like this: Share 1,2,3 Section 54 states that only Only ONE house property can be purchased or constructed. Now how other shares be taken in this scenario and tax computation will be done?
1. Should the other two shares be taken through WILL or through gift deed with consideration? 2. What would be the best way to save tax as we are going to buy two new house properties using the Share Amount. 3. Is it a pre-requisite that we have to buy a new property within 6 Months of the sale date and construct it within 3 Years?
CAclubindia
