My brother submited first time ITR filing for financial year 2013-2014 in July 2014 in which there was some provision for Capital gain which arisen from the property he sold.
Actually propety was constructed in pas with family contribution but he was sole title holder therefore the capital gain account & ITR is submitted on his name.
No if I buy a plot on my name (we are siblings), can he construct the house using the capital gain money deposited in the account in his name.
Or
He make the payment for land in which is certainly much more than the capital gain provision deposited in bank, and balance amount I pay in this way can he buy the land or property on joint name using the capital gain funds,
Which way is suitable as per the income tax law.
What if he just buy the land with capital gain funds and not construct a house still he is elegible for examption of capital gain tax (2013-2014 financial year.)
CAclubindia
