Capital gain on house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2013
Dear Sir
This Query is 2 Residential Houses with 2 Parties Booth House are Joint. Out of which 1 house is going to be sale. of Rs.2.5 crores this purchase cost is 60 lacks before 7 years. now my query is each party are going to be purchase individual house out of sale consideration, exemption will get for purchase of individual house, if exemption comes which section to be declared.
after purchase each house booth the party,s one joint property and one individual house please explain sir
This Query is 2 Residential Houses with 2 Parties Booth House are Joint. Out of which 1 house is going to be sale. of Rs.2.5 crores this purchase cost is 60 lacks before 7 years. now my query is each party are going to be purchase individual house out of sale consideration, exemption will get for purchase of individual house, if exemption comes which section to be declared.
after purchase each house booth the party,s one joint property and one individual house please explain sir
CA PARAS BAFNA
(Expert)
19 January 2013
Both the parties can get exemption U/s 54 of the Income Tax Act, 1961.
.
If your party invests entire amount of his share in Capital Gain only (in spite of investing the whole Sales Consideration) in a new residential, he will get full exemption.
.
If your party invests entire amount of his share in Capital Gain only (in spite of investing the whole Sales Consideration) in a new residential, he will get full exemption.
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