long term capital gain on sale of n.a.land.

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  1. Mahendra Patel

    Mahendra Patel New Member

    I am about to make substantial long term gain on sale of non agricultural land in urban area.

    in 2015 I had sold another similar land with substantial long term gain.
    Last year against this LTCG, I invested 50Lacs in NTPC Bonds and purchased a Flat with balance of LTCG in my name.

    Now in the current year sale of land I will make a substantial gain against which I will buy NTPC Bonds for 50 Lacs.

    Flat purchase in last year's LTCG is my first Residential property ( I did not have residential property
    before this.

    My query is as under-

    Can I buy one more flat against this years LTCG ?

    Can I transfer this Flat to my wife before 3 years without any tax impications.

    Kindly advise in detail.

    Thanks
    Mahendra Patel
     
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