Long term Capital Gain- Housing Property

Lokesh Soni 1
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Sir I am NRI by status and I had Sold a residential plot in Sept 2010 (Rs. 22 Lacs) which was purchased by me in the name of my wife in 2002 (Rs. 2 lacs). Due no availability of PAN of my wife at the time of transaction I used a my PAN and deposited the consideration in jointly hold bank account. Investment- I had purchased another residential plot (Rs. 18 lacs) to get exemtion u/s 54F and Capital Gain Bond (Rs. 4 Lacs) in my name only.

Please suggest me whether I should file my return and show all this transaction and claim exemption or I have to get PAN for my wife and file ITR in her name. Also what to do with the capital gain saving bond purchased in my name.

Thanking You LOKESH SONI

section-54f section-54ec long-term-gains capital-gain income-tax
1 Answers

First, tax benefit would only be available u/s 54F if a residential house property is purchased or constructed. This benefit is not applicable for purchase of a plot.

In case you only provided whole amount while purchase of old plot, the gains would also be taxable to you. This has to be then shown in your income tax return.

Pankaj Batra5212

Ya sir I'll start the construction on the plot this year , what about the other querry.. please suggest

Lokesh Soni•
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