Hi,
I have a doubt.
My father got a site (land alone) of about 15 cents registered (in a lay out in TN, coimbatore) in early 2005. Today, me (his daughter) is in need of money for purchase of flat. The flat will be booked under my husband's name. Kindly let me know is there any way where in we can go for tax exemption.
It was brought to my notice that if the capital gain is used for purchase of another immovable property in a year, there is no tax. But, here in this case, my dad will be giving us the entire amount for our investment. What can be done?
Is it possible tat he transfers the land to my name and then i sell the land and use the amount for purchase of flat (which can be booked in my name too). I am a housewife. My dad is a rtd. pensioner, but does fall in the income tax bracket.
Kindly help!
