Capital gain exemption u/s54

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JAY THAKKAR (Querist)
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02 April 2012 Suppose i sold 2 (Long term capital Assets)residential house which was in my own name,sale price of one is Rs.70L & other for Rs.10L, and capital Gain arising from this two houses are Rs.50L & Rs.1L respectively.
I purchase one new house within 1 year from date of sale for Rs.90L in joint name with one of my relative, consideration was paid in Ratio of 50:50.
i.e i paid only Rs.45L for purchase,..

Now for Claiming exemption i have two doubts:-
1.Whether i shall claim exemption for Rs.45L i.e. consideration paid by me only, or for Rs.90L whole purchase consideration.
2.Exemption shall be available for both the houses or only for one house.

Please help me out experts.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 April 2012 Is the new property registered in joint name?

If that is the case, then you can claim exemption only for Rs. 45 lakhs.

The exemption is available for both the houses.

Out of total gain of Rs. 51 lakhs, Rs. 45 lakhs shall be exempt and balance Rs. 6 lakhs shall be taxable @ 20%.

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JAY THAKKAR

JAY THAKKAR (Querist)
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02 April 2012 Mr.Siddhartha Bhardwaj Thank you very much..:)

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