Cap Gains Exemption for purchase of Plot

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  1. Madan Lal Sehgal

    Madan Lal Sehgal New Member

    I received an amount of Rs 15 lakh from the sale of ancestral property owned by me and my brother. Can I purchase a plot out of this proceed and in how much period it to be purchased.
    Sehgal
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. Tax would be levied on gains arising on the sale of property
    2. You can use these funds to purchase a plot
    3. However, to claim exemption from capital gains - you'll either have to buy a residential house in the next 2 years or construct a residential house on the plot in the next 3 years
     
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