capital gain regards

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  1. kumar.m

    kumar.m New Member

    dear sir

    my father-in law wish to sale his house Rs1,65,00,000 now[2016].
    he purchased this house at1979 at the cost of Rs:35000,it developed on 1998 at:rs 3,00,000 and 2002 of Rs:10,00,000, his age is74 old. he have no income sources.

    now he wish to purchase plot of Rs: 25,00,000

    what to make it now?
     
  2. V K Khanna

    V K Khanna Active Member

    Tax relief on long term capital gains arising out of sale of long term capital asset is admissible only if a residential house is constructed on the plot of land purchased, within a period of three years from the date of transfer of the previous asset.
     
  3. kumar.m

    kumar.m New Member

    dear sir
    my property can purchase be four old property transfer. is it eligible for it?
     
  4. V K Khanna

    V K Khanna Active Member

    If I understood your query correctly, I may clarify that the capital gain arising out of transfer of immovable property will be long term if the holding period of such property is 3 years or more at the time of transfer of such property.
     
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