DWQA User Profile BalaramQuestions(1)Answers(0)Posts(0)CommentsWith regard to the interpretation of the stipulation “Assesse should not own more than one residential house prior to this investment.” I still has a doubt. Considering that it has not been mentioned as any other residential house other than the one to be acquired, it means that the assessee can own one residential house other than the own to be acquired.whether exemption will be allowed or not based on this interpretation.Settlement deed is conveyance / transfer of title and interest of the property during the life time of the owner (settlor) to family members at concessional stamp duty and registration fee. In tamilnadu it is Rs 29,000/- at present. There is no consideration involved.What I mean by funding the construction, is investing for the construction cost of the project.My query is :Supposing R executes a settlement deed in favour of his wife S and daughter L who do not have flats in their name, then both can jointly sell the vacant land.In that situation, if S reinvests her share in the flat to be constructed by N and claim CGT exemption on the value of flat to be allotted, whether L can also claim CGT exemption for her share by depositing in CG bond or by reinvesting in another flat ?On Long term capital gains (Sale of Property)Crop
