need help in capital gain of income tac

Viaji kirthi (Querist) 23 July 2013 This query is : Resolved
Dear all!,
We recently sold our ancestral property, with division of 3 shares with my mother married sister and me. My query is....
1. Can I buy 2 sites and 1 house from the money I received.
2. Can my mother and sister can buy 1 site and 1 house from there share.
Kindly help, thanks, vijai kirthi

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Amritesh Mishra (Expert) 24 July 2013

You will be charged @ 20% on long term capital gain +EC+SHEC.

However capital gain tax can be exempt in following cases

1) If residential property is purchased within 2 years after the date of transferof residential house property.

2)If new residential property is property is constructed within 3 years from the date of transfer.

Extent of Exemption-

Investment in new asset or capital gain whichever is lower will be exempt.

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