My wife and I (BOTH) bought one flat EACH, in 1996 for Rs4.9 lacs each. Now we are selling both of them for Rs.35 lacs each. We are JOINTLY buying a house for Rs.48lacs. How can we save tax on remaining cap gain of Rs12 lacs? Pls mention all provisions under the IT Act. Can we JOINTLY buy a plot of land and get a 2nd house built in two years? If yes, for how many years can we NOT sell the 2nd house?
