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
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.
