Capital Gain Tax & Exemption us 54

This query is : Resolved

Krishna (Querist)
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26 April 2025 In case the assessee has purchased a flat. Full consideration for flat has been paid by assessee only , however on sale deed assessee included his wife name also as purchaser no. 2 & the property is jointly held by them as per deed. Now if the assessee is selling a property then capital gain is chargeable equally in the hands of husband & wife OR full capital gain will taxable in the hands of husband only since the wife contribution is nil at the time of acquisition ?
2nd Query is
From FY 2019 20 incase the capital gain is upto 2 crore rupees then exemption us 54 can be claim for 2 properties. But this exemption only once in a lifetime. It means if I take this exemption now for 2 properties then suppose after 5 years can I take exemption us 54 for one property or no more exemption us 54 in lifetime ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 April 2025 1. As per rule liability over both.
2. Exemption over one property available for every year....

Krishna

Krishna (Querist)
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27 April 2025 Ok thanks you very much sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 April 2025 You are welcome.

Krishna

Krishna (Querist)
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27 April 2025 Sir, in first case clubbing provision us 64 may apply no ? Also I found some judgements where it mentions for capital gain tax purposes owner is determined on the basis of percentage of investment made by each spouse.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 April 2025 1. Yes.
2. Divergent views, specifically relevant to case to case basis.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 September 2025 Good luck.....

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