NA plot - Tax, Exemption & Benefits

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... NA plot - Tax, Exemption & Benefits
Query (Issue) Started By: - Sadanand G Dated:- 2-2-2016 Last Reply Date:- 4-2-2016 Income Tax
Got 3 Replies
Income Tax
I have below query regarding my plot outside Maharashtra: I wanted to sell my NA plot transferred to my name in 1993, and estimated value of the sale proceed would be about ₹ 65 lakhs Kindly advise me the following:- 1) If I .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... purchase Capital Gain Bonds for 50 Lacs in this financial year i.e. 2015-16 and balance in next financial year 2016-17, will I get tax exemption for entire amount of investment in capital gain bond? Or will I have to invest whole amount in one financial year? 2) If I purchase a resident house jointly with my son with 50% contribution of mine and rest 50% of his, will i be eligible for a long ter .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... m capital gain exemption benefit for my part of the money invested in the purchase? Or do I need to have sole investment in house with my ownership only? Reply By Ganeshan Kalyani: The Reply: The investment has to done before the filing of Income Tax return. The investment in the Bond has to be in your sole name. Reply By Sadanand G: The Reply: I suppose you answered house purchase question for .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... bond. Bond investment and purchase of it is going to be on my name. if you could assist me with second question. Also, how soon the purchase of bond or investment into property has to be done after the sale of plot? Reply By Ganeshan Kalyani: The Reply: The capital gain on the transfer of property is taxable in the year in which it was sold. ie. if the property is sold in Feb 2016 then it is ta .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... xable in FY 2015-16. The return of the FY 2015-16 is be filed in AY 2016-17 in the month of June/July by salaried person. The amount of capital gain should be deposited in the Capital Gain Account Scheme before the date of filing of return i.e. June or July 2016.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X