Capital Gain Exemption
This query is : Resolved
13 February 2021
Myself & my husband was jointly holding a property in equal ratio since last 15 years. We sold this property, which of course attracts LTCG, for a total consideration of 1cr. We wish to buy a bigger property but due to fund constraint we are taking my cousin brother and his wife as co-owner, In this property me & my husband's share will be more than 1cr(Total consideration we recd),
My query is that as there will be four owner, will this deal affect in any way claiming capital gain exemption?
My query is that as there will be four owner, will this deal affect in any way claiming capital gain exemption?
13 February 2021
No.
Presuming that the sold out property is a "residential property", purchase of a portion of a house enable the sellers to claim LTCG exemption provided all other conditions as in section 54 is complied.
Inference:- CIT Vs. Chandanben Maganlal (2000) 245 ITR 182 (Guj)
Presuming that the sold out property is a "residential property", purchase of a portion of a house enable the sellers to claim LTCG exemption provided all other conditions as in section 54 is complied.
Inference:- CIT Vs. Chandanben Maganlal (2000) 245 ITR 182 (Guj)
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- GST not cancelled by tenant
- GST rate and HSN code for sale of racing horses
- DIN reactivation
- TDS Deducted AY-2013-14 Not Reflected in 26as
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
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
