Capital gain urgent
This query is : Resolved
heeetesh chauhan
(Querist)
17 January 2012
Sir,
if any person sold his house and invest the amount of capital gain in new house jointly.can he avail exemption U/s 54 or vic versa
if any person sold his house and invest the amount of capital gain in new house jointly.can he avail exemption U/s 54 or vic versa
CA PARAS BAFNA
(Expert)
17 January 2012
Yes he can avail exemption U/s 54 if he be the one of the joint holders.
heeetesh chauhan
(Querist)
18 January 2012
Dear sir,
lets suppose
A is the singly owner of the house and sold the same for Rs 30,00,000,the long term capital gain is Rs 10,00,000, he purchased a new house jointly (5,00,000+5,00,000). now queastion is how much amount he can claim u/s 54 Rs. 5,00,000, or Rs 10,00,000 further if he invest Rs 10,00,000 to buy a property and registered it jointly how much amount can be claimed u/s 54?
lets suppose
A is the singly owner of the house and sold the same for Rs 30,00,000,the long term capital gain is Rs 10,00,000, he purchased a new house jointly (5,00,000+5,00,000). now queastion is how much amount he can claim u/s 54 Rs. 5,00,000, or Rs 10,00,000 further if he invest Rs 10,00,000 to buy a property and registered it jointly how much amount can be claimed u/s 54?
heeetesh chauhan
(Querist)
18 January 2012
Dear sir,
lets suppose
A is the singly owner of the house and sold the same for Rs 30,00,000,the long term capital gain is Rs 10,00,000, he purchased a new house jointly (5,00,000+5,00,000). now queastion is how much amount he can claim u/s 54 Rs. 5,00,000, or Rs 10,00,000 further if he invest Rs 10,00,000 to buy a property and registered it jointly how much amount can be claimed u/s 54?
lets suppose
A is the singly owner of the house and sold the same for Rs 30,00,000,the long term capital gain is Rs 10,00,000, he purchased a new house jointly (5,00,000+5,00,000). now queastion is how much amount he can claim u/s 54 Rs. 5,00,000, or Rs 10,00,000 further if he invest Rs 10,00,000 to buy a property and registered it jointly how much amount can be claimed u/s 54?
heeetesh chauhan
(Querist)
18 January 2012
Dear sir,
lets suppose
A is the singly owner of the house and sold the same for Rs 30,00,000,the long term capital gain is Rs 10,00,000, he purchased a new house jointly (5,00,000+5,00,000). now queastion is how much amount he can claim u/s 54 Rs. 5,00,000, or Rs 10,00,000 further if he invest Rs 10,00,000 to buy a property and registered it jointly how much amount can be claimed u/s 54?
lets suppose
A is the singly owner of the house and sold the same for Rs 30,00,000,the long term capital gain is Rs 10,00,000, he purchased a new house jointly (5,00,000+5,00,000). now queastion is how much amount he can claim u/s 54 Rs. 5,00,000, or Rs 10,00,000 further if he invest Rs 10,00,000 to buy a property and registered it jointly how much amount can be claimed u/s 54?
CA PARAS BAFNA
(Expert)
19 January 2012
He can claim to the extent of capital gain utilised for the purpose of acquiring a new house. In this case Ans is 500000.
.
In second case he can get exemption of full Rs.10,00,000.
.
In second case he can get exemption of full Rs.10,00,000.
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