Capital gains
This query is : Resolved
CA ANSHUL DOKANIA
(Querist)
26 July 2013
A Widow having one major daughter, one minor daughter & a minor son has received sales consideration on transfer of residential house property & wishes to take benefits of section 54.She received sales consideration on behalf of her minor daughter & son along with her own share and deposited in her own account. The major daughter received her share in sales consideration in her own account. Now the widow along with the share of her minor daughter & son wishes to purchase another residential flat together with her major daughter investing capital gains received on sale of the old residential house.Whether she is entitled to get tax deduction under section 54 or any other section relevant for capital gain exemption??
CA PARAS BAFNA
(Expert)
26 July 2013
Yes -all the assessees may get exemption U/s 54 by purchasing a co-owned residential house by investing their respective capital gains amount.
.
For minors, parent will claim exemption as income will also be shown in the return of income of the surviving parent.
.
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For minors, parent will claim exemption as income will also be shown in the return of income of the surviving parent.
.
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CA ANSHUL DOKANIA
(Querist)
26 July 2013
In the above case whether area in the co-ownership flat is required to be demarkated or the lump sump co-ownership is sufficent??
Further to get the benefit of exemption from capital gain the capital gain scheme account be opened jointly in the name of mother, minor daughter & son & major daughter or separate account to be opened for all the four??
Thanks in advance
Further to get the benefit of exemption from capital gain the capital gain scheme account be opened jointly in the name of mother, minor daughter & son & major daughter or separate account to be opened for all the four??
Thanks in advance
CA ANSHUL DOKANIA
(Querist)
26 July 2013
In the above case whether area in the co-ownership flat is required to be demarkated or the lump sump co-ownership is sufficent??
Further to get the benefit of exemption from capital gain the capital gain scheme account be opened jointly in the name of mother, minor daughter & son & major daughter or separate account to be opened for all the four??
Further to get the benefit of exemption from capital gain the capital gain scheme account be opened jointly in the name of mother, minor daughter & son & major daughter or separate account to be opened for all the four??
CA PARAS BAFNA
(Expert)
26 July 2013
IN THE RATIO OF CONTRIBUTION MADE THE OWNERSHIP WILL BE DECIDED IF THERE IS NO SPECIFIC DEMARCATION AS REGARDS % RIGHT OR SHARE IN THE PROPERTY.
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IN MY VIEW 2 ACCOUNTS WILL BE SUFFICIENT.
ONE FOR THE "BIG BEN" AND ANOTHER FOR THE MOTHER & MINORS.
.
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IN MY VIEW 2 ACCOUNTS WILL BE SUFFICIENT.
ONE FOR THE "BIG BEN" AND ANOTHER FOR THE MOTHER & MINORS.
.
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