NA plot - Tax, Exemption & Benefits

I have below query regarding my plot outside Maharashtra:

I wanted to sell my NA plot transferred to my name in 1993, and estimated value of the sale proceed would be about Rs 65 lakhs Kindly advise me the following:-

1) If I purchase Capital Gain Bonds for 50 Lacs in this financial year i.e. 2015-16 and balance in next financial year 2016-17, will I get tax exemption for entire amount of investment in capital gain bond? Or will I have to invest whole amount in one financial year?

2) If I purchase a resident house jointly with my son with 50% contribution of mine and rest 50% of his, will i be eligible for a long term capital gain exemption benefit for my part of the money invested in the purchase? Or do I need to have sole investement in house with my ownership only?

asked Feb 19 '16 at 17:13 by SandyG 11

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Asked: Feb 19 '16 at 17:13

Seen: 1,602 times

Last updated: Feb 19 '16 at 17:13