NA plot - Tax, Exemption & Benefits

[Sadanand G]

I have below query regarding my plot outside Maharashtra:

I wanted to sell my NA plot transferred to my name in 1993, and estimated value of the sale proceed would be about ₹ 65 lakhs
Kindly advise me the following:-

1) If I purchase Capital Gain Bonds for 50 Lacs in this financial year i.e. 2015-16 and balance in next financial year 2016-17, will I get tax exemption for entire amount of investment in capital gain bond? Or will I have to invest whole amount in one financial year?

2) If I purchase a resident house jointly with my son with 50% contribution of mine and rest 50% of his, will i be eligible for a long term capital gain exemption benefit for my part of the money invested in the purchase? Or do I need to have sole investment in house with my ownership only?

AI Summary

Exploring Tax Exemptions: Selling Land, Investing in Capital Gain Bonds, and Joint Property Purchase with Son A user inquired about tax exemptions related to selling a plot outside Maharashtra, valued at 65 lakhs. They asked if investing 50 lakhs in Capital Gain Bonds over two financial years would qualify for a tax exemption, and whether buying a house jointly with their son would allow for long-term capital gain exemption. Responses clarified that investments must be made before filing the tax return and in the investor's sole name. The capital gain is taxable in the year of sale, and funds should be deposited in the Capital Gain Account Scheme before the return filing deadline.