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Exemption from capital gain tax
Source : The Hindu Property Plus Published On : 2007-11-24 City : Chennai

My residential property was in Mumbai.I sold it on August 23,2007 as I was transferred from Mumbai to Pune. I bought it for Rs.12,70,750(excluding stamp duty and registration fee) and sold it for Rs.21,90,000. I bought another residential property at Pune for Rs.14,25,000(excluding stamp duty and registration fee).Is it exempted from capital gain tax?

 

Our Panellist C.H.Gopinatha Rao Replies:

 

      There should be a minimum period of three years to be treated under long term capital gain tax.

 

If you have paid the money in instalments, partly within three years and partly before three years, part of the amount paid within three years will be treated as short time capital gains. Consult a tax consultant in your locality.

 
Gift Tax:
 

 May I know about gift tax? Suppose I have Rs.2,00,000/-taxable money. Can I gift   Rs.40,000/-to my wife through notary on stamp paper. Will the net taxable money be 2,00,000 or 1,60,000?

 
Gopinath Rao replies:
 

 You have to pay tax for taxable amount. By making a gift, your liability for payment of tax will remain at Rs.2 lakhs.

 
Sharing The Proceeds:
 

We are two brothers, both married. My father and his brothers sold a family property inherited from my grandfather who’d partitioned off the property while he was alive through a court decree.

 

They sold the property in the current financial year and took the money in their own individual names with HUF appended. Subsequently my father opened a bank account in that name and the nominees were my mother and myself. Since brother is an NRI, his name was not included in the bank account.

 

I’ve now located an apartment in New Delhi, the value of which is more than the amount received by him. I’m pitching in with my money and some loan from bank.

This property is intended to be in my name. My brother wishes all the money to be shared equally between us to escape disputes later.

 

That is to say half of the total amount received. My father does not wish to pay any capital gains tax and hence wishes to invest all the money in the apartment I’ve selected.

I’ve agreed to give my brother the amount thru gift in lieu of which the apartment shall be in my name without much liability on the tax front. Please advise.

 
Gopinath Rao Replies

You have to furnish the complete details of the amount received by sale of the property and the price for which you intend to purchase the new property.Your brother and father may be liable to pay the tax as the new property is to be only in your name. For more details you consult a local tax consultant.

 
Commercial Complex:

I plan to sell my house for Rs.97 lakhs and invest the entire proceeds immediately in a commercial complex and rent out the office space. Will I need to pay capital gains tax?

 
Gopinath Rao Replies:

In my opinion, you have to acquire only residential building.

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