banner_ad

Capital gain on house property

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
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
Profile Image

CA PARAS BAFNA

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details