Tax liability on sale of plot and reinvesting in an apartment

Gopi Chodimella (16 Points)

24 September 2018  

Hello,

 

I own a Plot and looking to sell and purchase an Apartment. This Plot is almost 15 years old and I understand LTCG is applicable. As per 54F, I can avail the exemption for this LTCG if I am going to reinvest the entire proceedings in the new Apartment subject to the following conditions :

1. I own only 1 other house

2. I reinvest within 2 or 3 years

 

Now My questions are as below :

1. I already own 2 houses. Are there any clauses that allows me to take the exemption?

2. If I register one of the houses to my Wife so that only 1 house is left in my name, will that work legally?

3. I have a diughter, who is 18+ years old and unmarried. Can I transfer one of the houses to her name to avail this benifits?

4. Are there any other means to save taxes, while I purchase the new Flat?

 

Any help/guidance will be appreciated.

Thanks,

Gopi