Capital gains

This query is : Resolved 
 

(Querist) 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.

CMA Gul S (Expert) 11 September 2011

yes both can claim exemption as per section 54

sabitha (Querist) 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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