Capital Gains Tax on property sold by NRI in India

Share
Share This Thread
  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.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
How to save tax on long term Capital gains Income Tax Nov 24, 2017
Valuation for capital gains tax Income Tax Nov 23, 2017
CAPITAL GAINS Income Tax Nov 19, 2017
Option not to set off the capital loss against future capital gains ? Income Tax Nov 18, 2017
Whether deduction u/s 54 is available for capital gains arising from sale of more than one house, ho Income Tax Nov 17, 2017