Capital gains on Sale of Land

I had purchased Land by making payment thru Pvt Ltd Co in 2008 where myself and my wife were Directors. In 2011 the said Pvt Ltd nominated our names i.e. self, wife, 2 sons and HUF and the Land was registered in our names by way 5 separate Deeds. I now want to sell this Land. Will I be able to claim Long Term Capital Gain in our personal files since the payment was made in 2008 thru the Pvt Ltd Co. Will I also be able to claim exemption if all of us invest the sale proceeds to purchase residential flat/s or house in our joint names?

V K Agarwal +919811152693 [email protected]

asked Sep 23 '13 at 12:15 by noddy 11

I think, tax benefit can be taken u/s 54F by all share holders on their share.

There are some conditions u/s 54F, you can read them here: Section 54F conditions

answered Sep 24 '13 at 16:36 by Pankaj Batra 5.2k320


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Asked: Sep 23 '13 at 12:15

Seen: 1,493 times

Last updated: Sep 24 '13 at 16:36