Hi I want to get capital gains tax exemption under section 54F. I have purchased house jointly with my wife. So in this case can I get exemption on entire value of purchased house or exemption is only on half value.
Amit (Yy) (35 Points)
09 March 2023Hi I want to get capital gains tax exemption under section 54F. I have purchased house jointly with my wife. So in this case can I get exemption on entire value of purchased house or exemption is only on half value.
sabyasachi mukherjee
(26169 Points)
Replied 09 March 2023
Komal Barapatre
(210 Points)
Replied 09 March 2023
CA Sorav Gupta
(Chartered Accountant)
(1000 Points)
Replied 09 March 2023
You can claim the exemption on the entire value of the house purchased as the act does not stipulate that the house property should be purchased only in the name of the assessee provided that 100% of the capital gain is included in your total income.
Also, remember the formula of calculation exemption under this section is quite different from the other exemptions.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)
sabyasachi mukherjee
(26169 Points)
Replied 14 March 2023
Amit
(Yy)
(35 Points)
Replied 14 March 2023
Hi thanks for reply. So it means if I have gains more than house cost then I can claim entire house cost even if I jointly own it with my wife.
Komal Barapatre
(210 Points)
Replied 15 March 2023
CAclubindia
