Longterm capital gain

This query is : Resolved

Manoj Pande (Querist)
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22 June 2014 Sir 1plot I sold in jun/14 on44lacs wich is Purchase in May 2004 in 2.20lacs.I already purchase 1 Res.house on 80% on my name &20% Wife name with Hosing Lone for tax benifit for both of us in jan2012.
My father is expired in 2011one House on his Name today If I give my Longterm capital gain Full amt to my 1Brother& 1Sister for left their Part on property. (Can I purchase their Hissa with paying full stamp duty with Registry in ragistar office ) In this case can I Claim capitalgain examption

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 June 2014 you should be able to. given that you have only one residential asset on the day of sale of the plot.

Rupesh Jain

Rupesh Jain (Expert)
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23 June 2014 you can bur the shares in house claim u/s 54F In which you but from all sale consideration of plot then you exempt from capital gain.

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Manoj Pande

Manoj Pande (Querist)
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23 June 2014 Yes I have 1Res.House already .now this is 2nd House wich is my fathers name now I want to convert fathers house on my name (Brother & sisters Hissa official purchase by doing Registry with full stamduty paid ) Can I get Capital gain exemt