POSTED BY March 22, 2014 8:23 am COMMENTS (4)
ONHi!
Pls help
I have sold a property which was in my name and opened a capital gains account and parked the amount to use for constructing a house. The land in which we want to construct a house is in my husband’s name and capital gains account is in my name. Can i utilise the amount for construction and how.
Thank You.
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Dear Duke, in that case, your husband w’d have to sell a part of land to you for a money consideration and it ‘ll involve cost. Also it ‘ll invite capital gain tax liability on your husband.
Thanks
Ashal
Thanks Ashalanshu.
You are right in saying that. I consulted a advisor here, he also said the same but there is a provision that if i include and register myself as co owner of the land with my husband, then i will be able to utilise the amont in the capital gains account for construction.
Dear Duke, the answer is NO. The ownership of the land should be in your name to adjust the LTCG tax liability.
Thanks
Ashal
Awaiting your replies