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)
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