Case Law Details
Case Name : Shirish Vinayak Godbole Vs ITO (ITAT Pune)
Related Assessment Year :
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In the instant case, the assessee sold his residential property for a consideration of Rs. 50 lakhs and purchased two flats, one flat for his self occupation and another flat for a consideration of Rs. 29,60,000 in the name of his wife for the residence of his wife and daughter.
It is the submission of the learned counsel for the assessee that the amount incurred for purchasing the flat for the wife of the assessee at Rs. 29,60,000 should be allowed as an expenditure being encumbrance on the property. The alternate contention of the learned counsel for the assessee that since the property is...
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Shankar
As the cost is negligible, you need to invest entire sale proceeds.
Request to take professional advise, as going by the high-court decisions are not practically advisable, as such litigations runs for a years and would also involve huge cost and time..
advise get right advise once you sell your flat for investment and capital gain savings as per income tax laws
I am a layman. I have one flat purchased in Mumbai by my late father in the year 1957 for Rs. 14,000/-, the present Market value being Rs. 1 crore. If I sell what will be the capital gain after the indexation etc. I understand that as per the above judgment I can purchase flat in my daughter/son/wife’s name with the proceeds without payment of any tax. I request you to clarify. Thanks.