Capital Gain Tax on Sale of Property on Power of Attorney

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  1. VANDANAGGR

    VANDANAGGR New Member

    Sir,
    My Mother-in-law sold a residential property in september 2014 on power of attorney in delhi. Money received is used in purchase of flat in the name of my father-in-law and my husband along with some loan taken by my husband in joint name of me and my husband. Is money received can be exempted from capital gain.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Irrespective of whether they property is sold on Power of Attorney or through proper Registration process - the manner of levy of computation of Capital Gains and the rules for Capital Gains Exemption will remain the same.

    In the case mentioned above, capital gains exemption can be claimed if the amount is reinvested in the another property/ bonds.

    The rules for claiming Capital Gains Exemption have been mentioned herewith - http://www.charteredclub.com/section-54/
     
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