Capital gains
This query is : Resolved
31 July 2013
Kindly clarrify
Mr.X has sold a property worht Rs.35 lakhs and he has purchased a property worth Rs.36 lakhs in joint name (Mr.X and Mr.Y his son)
can Mr.X claim deduction u/s 54 in his IT Return.
Mr.Y (Mr.X Son) has not contributed anything, just bcs of the old age of Mr.X, he has jointed his name in agreement
Mr.X has sold a property worht Rs.35 lakhs and he has purchased a property worth Rs.36 lakhs in joint name (Mr.X and Mr.Y his son)
can Mr.X claim deduction u/s 54 in his IT Return.
Mr.Y (Mr.X Son) has not contributed anything, just bcs of the old age of Mr.X, he has jointed his name in agreement
31 July 2013
yes exemption u/s 54 can be claimed
31 July 2013
Deduction u/s 54 can be claimed in view of Kanataka high court decision in Ms.Jennifer Bhide's case reported in 203 Taxman 208.
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