Section 54 & 54 F

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    Respected Sir/Madam,

    My wife has sold a house on 01.08.2015, constructed on the plot purchased during July 2010.

    Earlier, two portions of the plot were sold during Feb 2012 and May 2012.
    The capital gain was Rs.52500/- & Rs.66700/-
    During the period of sales of these plots, my wife was not having any other income.

    Construction cost for the house sold on 01.08.2015, was met out of the amount from sales of the plots and hand loans from relatives & friends.

    The capital gain from sale of the house was invested during Nov 2015 for booking a flat under construction, from a private builder and the flat is expected to be handed over by Dec 2017 & to be jointly owned by me and my wife.

    As the amount of capital gain is less than the cost of the flat, I am planning to avail bank loan and repay the bank loan partly by disposing a plot of land in my name, which was acquired during April 2014.

    My income tax slab is 30%.

    Kindly help me by guiding in the following aspects:

    1. Can she offset the short term capital gains from sales of plots against her income slab.(No IT returns were filed)
    2. Can she claim tax concession for sale of house by acquiring the flat in joint ownership with me?
    3. Is there any limitation for area/cost of the flat?
    4. What is the time limit for acquiring the flat under construction to avail the tax benefit?
    5. Am I eligible to avail tax benefit if I am using the sale proceeds of the plot to repay the bank loan?
    6. What is the time period (say May 2017- May 2018) in which I have to sell the plot for availing the tax benefit?
    7.Can I invest only the capital gain out of my plot sale for availing tax benefit?
    8.Am I eligible to avail any tax benefit for sales of plot if the transaction is before 3 yrs from the date of acquiring the plot?
    9. will I have to pay [email protected]% on the capital gain if I sell the plot before 3 years from date of acquiring?

    Looking forward for your valued guidance. Kindly advise me if any more details required.
    My contact no is 7675939555.
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