Capital gain on jointly owned prop

Tax queries 321 views 1 replies

Hi,

If person A has joint ownership of house property with his Father though entire amount was paid by only him for purchase, while selling the property, can he invest full capital gain amount u/s 54 or it will be split based on some proportion? Nothing was mentioned in original property deeds about the share of contribution.

Regards

CA Rahul Panchamiya

Replies (1)
In your case whole amount can be claimed us 54 there is no compulsion on split as earlier entire amount is paid by your father.


CCI Pro

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