Capital gains
This query is : Resolved
vignesh srinivasan
(Querist)
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
CA Pooja Agarwal
(Expert)
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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