Exemptions for capital gain

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  1. phani.plf

    phani.plf New Member

    hi,
    Actually we have land which costs about 2.5 cr current value

    Actually its in the name of my mother
    it was registered to my mom in the year 2011
    the value was 1 cr at that time and we spent 10 lakhs for developing it

    Now we want to sell it,
    6 mnths back we completed building a house also
    and now we are residing in it, it is also registered to my mom
    the house worth is 55 lakhs, and we have 20 lakhs loan from bank

    Can we have any exemptions?

    or

    Any legal ways to reduce the capital gain tax ??

    Please help me in this regards
     
  2. Karan Batra

    Karan Batra Well-Known Member

  3. phani.plf

    phani.plf New Member

    Actually we bought land on april 2015 but completed construction on march 2016.
    does it come under exemption because its over an year since we bought the land.
    So may I know the procedure.
     
  4. Karan Batra

    Karan Batra Well-Known Member

    If the land is kept for more than 3 years - then it would be considered as Long Term.

    For less than 3 years - it would be considered as Short Term and therefore exemption cannot be claimed
     
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