Capital gain
This query is : Resolved
02 March 2013
sir if mr.A sold his residential house which was in the name of Mr.A & Mr.B equally
and capital gain arising from that sale is RS. 50 lakh.
can income be proportionately distributed?? if yes then how exemption u/s 54 be availed?
please reply
thanks in advance
and capital gain arising from that sale is RS. 50 lakh.
can income be proportionately distributed?? if yes then how exemption u/s 54 be availed?
please reply
thanks in advance
Dintakurthi Tirumala
(Expert)
02 March 2013
Yes, such has to be distribute proportionately between Mr A & Mr B and the exemption u/s54 available to the extent of gain on their individual hands for each i.e Rs.25 lacs for Mr A & Mr B each for your case.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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