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.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Capital gains in IT returns
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Intimation under section 245
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
