Capital Gain Tax on sale of Ancestral Property by Sons

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  1. sunil gupta

    sunil gupta New Member

    respected sirs , we had sold our ancestors property build in 1960 and sold on April 2014 and received rs-1.80 crore . 36 lakh to each person with 1% tds deducted by purchaser and deposited in our PAN ac .i had purchased one flat in 1995 ,one plot jointly with my wife name purchased in 2010 and took loan from sbi for rs :-12lakh. my question is:- [1] how to calculate capital gain tax on 36 lakh with the help of index .(how can i found index value of property for 1981 -82 to 2013-14 table). [2] can i invest 36 lakh to construct house and repay loan on that plot purchased in 2010 jointly with my wife .[3] can i purchase another flat or house as i have already one flat in my name to save capital gain tax. i m a govt. servant and residing in govt. accommodation in Chandigarh.all properties sold and purchased are in Chandigarh.Request your help to answer the above. best regard sunil gupta ,chandigarh m.no.-9888552642
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Dear Sir
    1. Repayment of Loan taken for purchase of plot cannot be considered for the purpose of Capital Gains Exemption as it was purchased 4 years before the sale of this property. Exemption is allowed only for houses purchased 1 year before the sale.
    2. However, you can claim exemption for Constructing a House on this Plot.
    3. Alternatively, you can also purchase another house and claim capital gains exemption for the purchase of another house.
     
  3. sunil gupta

    sunil gupta New Member

    thanks for reply gaurav one more question can i purchase house/flat, as i already have ,one flat and one plot in my name.
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. Yes, you can purchase another Residential House
    2. Exemption is only valid for purchase of Residential House and not Residential Plot
     
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