Capital gain urgent
This query is : Resolved
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
17 January 2012
Yes he can avail exemption U/s 54 if he be the one of the joint holders.
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?
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?
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?
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
