Three trends that powered mutual funds:: Business Line

Tax Talk -Nov 13:: Business Line

I am buying a flat for Rs 65 lakh, with my daughter contributing half of the cost. The registration will be done by October end. The new flat will be purchased by selling shares, closing FDs and raising loans from relatives. The sale amount will be used to pay for loans. After moving there, I intend to sell my existing flat for Rs 35 lakh, which I had purchased in 2002 for Rs 7 lakh. Can I avail long term capital gains tax exemption under section 54? Is it necessary to open a separate bank account?

— R.Narayanan