Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2015 I have sold one bunglow in this year in legal documents it was in name of my father as well as me. and also i have bought another flat in same year. Is there any capital gain implication for the same??? Note that jantri value of fat purchased is less than jantri value of bunglow sold.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

21 August 2015 Since the bungalow is in the joint name of you and your father. Capital gain will accrue jointly to you and father. Capital gain will be calculated in the hands of you and your father separately by taking into account half share of sale proceeds and half share of indexed cost of acquisition. Please also mind the provisions of section 50C in this regard. Capital gain exemption will be available for both of you u/s 54 in equal proportion out of investment made in new flat. But for that ensure that new flat is purchased in the joint names in the same order in which they appear in old bungalow. Sale deed of old bungalow should also be executed in joint names of your father and you as joint owners.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Chaitanya Voolla

MEHUL M. KEVAT

K.S. ANANTHARAJAN

v.rama krishna

DEEPAK BHARGAVA

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Manager- Finance and Compliance

GST CONSULTANCY

Accountant

CA Final

GST CONSULTANT