Dear Sir / Madam,

My question is related to long term capital gain arise on sale of house property.

Mr. A sold his self occupied property and LTCG is Rs. 11,00,000/-

Mr. A is having another Property (35%share)with his daughter (65%share)

my question is can Mr. A invest his Rs. 11,00,000/- LTCG in same house property to increase his share 35% to 50% in said property and avail the tax benefit u/s 54.


i referred the following article :

"Purchase of portion of self-occupied house is also eligible for exemption- Section 54
nowhere states that a residential house which is purchased by the assessee so as to avail the
exemption should not be the one in which the assessee was residing. One cannot argue that
assessee is not entitled to exemption under section 54 merely because the assessee was residing
in the house which was purchased by him.Thus, where the assessee sold a house property owned
by her and out of the sale proceeds purchased 15 per cent share in another house property owned
by her husband and son, exemption was allowable even though the assessee was residing in the
said house prior to purchase, and continued to reside in the same house after purchase
- CIT v. Chandanben Maganlal [2002] 120 Taxman 38 (Guj.)."


Need Suggestion

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Dear CA club India,

we doing funding for companies , looking for companies having good balance sheet having a net profit of 5crs , who looks to either sell part of the company to pe or complete exit or looking for listing the company in exchange.

regards,
ragavan
Director
sharegiants wealth advisors pvt ltd