Capital gains

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  1. Devang07

    Devang07 New Member


    I have been going through the posts of Capital Gains & have been a real help in understanding of this complex Capital gains topic. The way everything answered is really good. Thanks.


    My father owns 2 residential plot & 4 Residential properties & say the residential properties are :-

    Property A-, Residential Building – Solely owned in year 2002 & SOLD in MAY, 2015.

    Property B - Residential flat- Solely owned in year 2009 , unsold till date.

    Property C – Residential flat- Jointly owned with her own sister in year 2001, unsold till date

    Propery D - Residential flat - Solely owned in JULY , 2015. & plans to sell in JULY 2016

    --- My father sold Property - A in May 2015. @ 5.25 cr

    He had paid 6.25 lacs for purchase of this tenanted property in 2002. After settlement & removing tenants in the year 2006, he gave to a developer ( father ‘s close friend ) in year 2008 & was completed in 2009. He paid 21 lacs for civil construction to the developer in year 2012 & still till date around 50 lacs is to be paid to the developer which will be paid in a April or May 2016.

    Sir, we had purchased bonds of 50 lacs within 6 months. ( Cheque was cleared within 6 months but allotment was done after 6 months 10 days ) & deposited 4 cr in Capital gain Account in December 2015 & booked it as an Fixed Deposit till March 31, 2016

    Sir we wish to purchase a flat of 2 cr (including registry cost )in this April 2016. Flat is not in good condition & expect to incur around 25 lacs to refurnish it well.

    A - What will be the total capital gains computed ?

    B – Will he be eligible for claiming exemption in Bonds which we purchased ?

    C - Is he eligible to purchase new flat for saving tax irrespective of the number of flats owned ?

    D – Expenses to be incurred in flat renovation can be claimed ?

    E – what will be the tax payable (approx ) after purchasing new flat if eligible to claim exemption. ?

    F – Can he purchase 2 residential properties out of the gains incurred to save tax. ?

    G – Please suggest if there any other alternatives to save tax .
  2. Devang07

    Devang07 New Member

    Please just tell me that whether I am eligible for capital gain exemption. ??
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