N.N.RAJAN (PROFESSIONAL) (243 Points)
06 July 2011Dear Friends
Please answer my following query.
A person has acquired by settlement through court of a family house in 2009-10. Now he has sold the house in the year 2010-11. The house was orginally purchased by his father in 1969. He has acquired a vacant plot in April 2011.
a) Whether the capital gains in long term or short term ?
b) Assuming it is a LTCG then can he claim exemption for the purchase of plot? ( He has plans to construct within 3 years. And he is yet to commence construction.)
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 06 July 2011
It is LTCG and he can claim Exemption by depositing the amount in Capital Gain Account before due date of filling return.
M. N. JHA
(CA)
(8316 Points)
Replied 06 July 2011
CAclubindia
