11 June 2011
If I sell a residential house in my name and purchase a residential house with my wife as the joint second holder what will be the implications, I am of course the first holder in the new house being purchased.
11 June 2011
You will get exemption u/s 54 in capital gains exemptions. However if your new investment does not exceed the capital gain on sale of old house, then the remaining amount will be chargeable to tax. However if the investment is greater than the capital gain then there is no tax on the capital gain and you will have full exemption on the capital gain you benefited.
12 June 2011
There are no difference in the views expressed by me and Krishna K Neeraj. Both we are saying that you will get exemption u/s 54. However i have explained much more how much amount of exemption you will get on the investment
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