Income tax on notional rent and LTCG on second house ?

POSTED BY Anup ON August 11, 2014 1:29 pm NO COMMENTS

As(a)  I understand, to save on  LTCG from a sale of property, it is to be re-invested in a new property within 2 years OR if the process is getting delayed LTCG has to be parked in CGAS before next July 31. What about the intervening period between sale and purchase of new property, say 9 months – can I put/invest the LTCG in any savings instruments etc .to earn interest –will it be ok?

(b(b)   If I buy the new flat on wife’s name, or jointly with her what are the income tax provisions related to owning a 2nd house (I already have a flat in my name), in terms of IT on notional rent if the 2nd flat is kept un-occupied – what is the best option please ?

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