Dear Sir,
I have couple of question on my recent sale of my plot and to get your guidance on saving the tax on capital gains for the same.
I recently sold one of my plot/site which was on my name and I still own another site on my name and jointly own one house with my name and wife. I am planning to invest this money to purchase the agriculture land on my wife name as she is eligible for the same. So, please clarify below points to get exempted from the capital gain,
- Is I am eligible for the capital gain as I still own one plot/site on my name and one house which is jointly with my wife.
- Can I invest this on agriculture land on my wife’s name?
- Can I buy another plot on my wife name (as I already own another plot on my name) from this money to avoid capital gain?
1 Answers
Dear Sathyanarayan,
Are you referring to the eligibility of tax exemption on Capital gain?
The property that you are going to acquire should be in your name, to claim tax exemption.
One can not invest in Agri land and claim tax exemption on LTCG.
Suggest you to go through below articles, can be useful to you ;
https://www.relakhs.com/how-to-save-capital-gains-tax-on-sale-of-land-house-property/
https://www.relakhs.com/sale-gifted-property-capital-gains/
https://www.relakhs.com/gift-income-tax-rules-detailed-guide/
https://www.relakhs.com/real-estate-property-transfer-deed-types/
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