suja pirama (134 Points)
27 March 2023Sir is there any time frame for selling property recd as settlement deed for claiming exemption from cg tax. My friend is receiving a land from his mother as settlement deed and is planning to sell it and to buy a new house.so I would like to know whether cg on sale of land can be used for his first house buying.pl clarify thank you
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 27 March 2023
1. Yes, minimum two years of aggregate holding by her mother and himself.
MPR Sanjay Kumar
(3118 Points)
Replied 27 March 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 27 March 2023
Contra voucher doesn't change in case of cash withdrawal or cash deposit. It treats both cash or bank similar.
suja pirama
(134 Points)
Replied 28 March 2023
Thank u sir fir ur response. Mother owns the land for past 10 yrs. Is it compulsory that the son after getting settlement deed should hold for 2 years to avail cg exemption If he wants to sell .
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 28 March 2023
No. In case of gift, the holding period of doner i.e. mother is added to the holding period of donee (son, here).
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