long term capital gain tax

Querist : Anonymous (Querist) 20 March 2011 This query is : Resolved
Hello Experts ,
My father and mother booked a plot worth 60 lakhs with a builder/developer under construction/development linked plan in july 2009.My father made part payment for 10 lakhs & 10 lakhs from relative (Total 20 lakhs). In feb 2010 my mother sold a plot for 10 lakhs and invested the amount in the above mentioned plot. Now my father wishes to sell his 15 yrs old plot for 40 lakhs , pay the relative 10 lakhs and rest to the builder to cover the balance . the builder is expected to do the registration / possession by april 2012.Then we plan to construct the house.
My ques is Is my mothers plot sale & fathers plot sale long term capital gain are adjustable in this booked property.
Thanx & Regards

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R.Ramachandran (Expert) 20 March 2011
Yes, they can adjust the Long Term Capital Gain as proposed by you, so long as the newly booked plot is in both your father and mother's name.

Querist : Anonymous (Querist) 20 March 2011
Sir , to save LTCG tax in case of sold plot in what time period one has to buy another plot to reinvest and then in what period he can construct house on it to take advantage of LTCG tax invasion.

Regards

soumitra basu (Expert) 09 April 2011
For purchase of another residential property one year before or 2 year after the date of sale.
For construction - 3 year after the date of sale.

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