Capital gains

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sabitha (Querist)
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10 September 2011 if 2 partners own a house , andthe house is being sold,can each partner buy one house and each get exemption from capital gains???

CA Punit

CA Punit (Expert)
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10 September 2011 YES.. BOTH OWNERS CAN CLAIM U/S 54 TO THE EXTENT OF THEIR SHARE IN CAPITAL GAIN.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 September 2011 Yes ,provided the house property sold is long term and other conditions as in section 54 is satisficed.

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CMA Gul S

CMA Gul S (Expert)
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11 September 2011 yes both can claim exemption as per section 54

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sabitha

sabitha (Querist)
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12 September 2011 thank u so much all.........but how to prove they are partners and whiich is city is best to invest in for rental income ......if i get 50 lacs from selling an old house ,what is the best type of investment!!!thank u all once again!!!to all u wonderful ppl