Ram Mohan (Suptdg. Engineer(Civil)) 09 January 2011
Hi,
I am planning to buy a flat on resale jointly with my spouse at New Mumbai.We are taking home loan for the same from a nationalised bank. With in 6 months from the date of purchase of the said flat, if my spouse sell her land property at her home town and utilize the money for repaying / pre closure of some portion of the home loan, can she take the capital gain tax excemption.Please clarify?
A V Vishal (Advocate) 09 January 2011
Yes she qualifies for exemption u/s.54F of the Income Tax Act.
Ram Mohan (Suptdg. Engineer(Civil)) 10 January 2011
O k Sir.., but please note that she is taking and purchasing the flat prior to selling of her land property.in that case also is she eligible for for tax benifit?
CA SANDEEP BANSAL (PARTNER) 10 January 2011
HI RAM ,
YES SHE IS STILL ELIGIBLE FOR EXEMPTION U/S 54( F) OF INCOME TAX ACT AS SECTION SAYS BEFORE AND AFTER 1 YEAR OF SUCH SALE
Ram Mohan (Suptdg. Engineer(Civil)) 10 January 2011
Thanks a lot
modi kamal (business) 11 January 2011
I sold my flat in Dec'2010 which I bought in 1988.My LTCG is Rs.1.83 Cr after deducting indexation cost.Against this net gain,I will be buying a flat worth 70-80 lakh.
Now my query is, can I put 50 L in Govt. Bonds such as REC or NHAI in this financial year i.e before March'2011 and put another 50 L in April ;2011? thus claiming rebate of Rs. 1 Cr.As per I.T Act,maximum amount can be invested is Rs. 50 L per FINANCIAL YEAR.Even my CA is not sure of the answer.I am getting mixed response from others.
A V Vishal (Advocate) 12 January 2011
Mr Modi,
You can go ahead with your plans.
CA SANDEEP BANSAL (PARTNER) 12 January 2011
MR MODI U CAN INVEST AS PER UR PLAN
modi kamal (business) 12 January 2011
Thanks to all of you for kind & favorable advice.I am going ahead with as suggested by you.
By the which is better? REC or NHAI bonds?
A V Vishal (Advocate) 12 January 2011
Both are good and earn the same ROI, the choice is yours
modi kamal (business) 12 January 2011
Do they start giving interest from the day cheq is debited in my bank ?
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