A person (resident Individual) has sold (June-2012) Urban Plot of land purchased about 25 years ago.
A year ago (March-2012) that person gifted 50% rights of the property to spouse through gift deed, who contributed to equally to purchase the plot. Before that the plot was in single name. But there is no proof to produce that both contributed for the plot..
Now, they want to reinvest the proceeds in new residential bunglow, or flat.
1. 1st Owner is already having 1 flat in city, which is let out and is having agriculture plot in village.
2. Spouse second owner through gift deed is having 2 flats, in city. one is self occupied another one under construction.
3. Where clubbing provisions can apply for gifting to spouse without adequate consideration?
4.Whether they can avail section 54F, if they purchase new Residential bunglow before July-13 or invest the
proceeds in Capital gain saving account?
Many Thanks for your kind advice.
Valerian Dsouza
CAclubindia
