Hi Team,
I have a question on Long Term capital Gain.
My Grand Father has owned 1 property in Yr. 1971 and has a wife, 4 son (All Married) and 3 Daughters (All Married).
During his life time he has (My Grand Father) gifted his property in Yr. 2004 to 3 of his son.
Now with this property my father and his 2 brother's has gained a Long Term capital Gain (LTCG) for e.g. 1Crore EACH.
My Dad has a Land and he is the 2nd owner of the same and the 1st owner is my sister(Un-Married).
Now my Question on the above mentioned information is as follow:
1. How can we save tax on the Long Term capital Gain.
2. Is it possible that he can spend 25% of Long Term capital Gain to build a house on the land.
3. Is it possible that he can also spend the rest of the money 75% in buying a new house
4. Or else if he spend his 25% in NHAI or REC Bonds and rest 50% in Buying a new house.
5. For saving Long Term capital Gain is it necessary that the investment/buying a new property/construction should be in all the (THREE GIFTED NAMES) or any individual can take the benefit of Long Term capital Gain.
With my fifth Question I would like to clear the doubt as each one (All 3 Brother's) want's to buy a property on their Name, will all 3 be able to get the exemption on Long Term capital Gain or NOT.
Please let me know weather by following all the above mentioned ways will help him in saving the TAX or not (ALONG WITH ACT/SECTION/SUB-SECTION/PARA/COLOUM), keeping in mind that the property gifted to 3 of his son's.
Regards,
Kunal
