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Capital gains (Income Tax)

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This query is : Resolved


( Author )
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

( Expert )
10 September 2011

YES.. BOTH OWNERS CAN CLAIM U/S 54 TO THE EXTENT OF THEIR SHARE IN CAPITAL GAIN.


B.Chackrapani Warrier

( Expert )
10 September 2011

Yes ,provided the house property sold is long term and other conditions as in section 54 is satisficed.


Gul

( Expert )
11 September 2011

yes both can claim exemption as per section 54


sabitha

( Author )
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


C A S.S.Agarwal, M.Com.,LL.B,

( Expert )
13 September 2011

I agree with the experts


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