Dear Pankaj thnx for quick reply but still i have some doubts 1. Can we purchase the two properties in joint name or we have to purchase it separate individually 2. If first property a flat is purchased for 55.00 lakhs from builder. Can one spend more 20.00 lakhs in improvement & registration of this flat from the capital gain money to make it 75 lakhs. 3. If second property a plot is purchased for 75.00 lakhs. can one spend more 20.00 lakhs in construction of the house with in three years from other savings to get C G tax rebate.1.
1 Answers
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You cannot purchase two properties jointly as exemption can only be availed only for a single property. You can either buy two (one each individually) or single with joint ownership.
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Yes, registration amount and further construction amount can be added to new house cost.
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Yes, a plot can be purchased and a new house can be constructed on it within next three years from sale. Total plot cost + construction cost can be counted to claim tax benefit.
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