Capital Gains Tax on property sold by NRI in India

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  1. Pera

    Pera New Member

    Dear sir,
    I am an NRI sending Money to my Wife's Ordinary Savings Account. I bought empty housing Plot-1 in my wife' name on 10th March 2008.

    On 13th March 2014 I have purchased Plot-2 with old house through Bank Loan.

    Now I am selling the Housing Plot-1 to settle the bank loan availed to bought the Plot-2.

    Kindly let me can I avail tax exemption on long tern gain?
    Thanks in advance
    Pea- 18th October 2014
  2. Parul_Gupta

    Parul_Gupta Active Member

    To claim the capital gains exemption, the person who has sold the flat should buy the flat.

    In your case, your wife has sold the flat and you have purchased the flat therefore exemption will not be available.

    The seller of old residential house and buyer of new residential house should be the same.
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