Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 June 2014
A friend of mine had sold a residential house property 1 year back, the property was in joint name of his and his cousin.
Now he lives in joint family, their bunglow being in names of his elder family members,He is planning to construct a floor in this paternal property of his.
My question is whether this construction would be eligible for deduction under section 54 of the income tax act as construction of residential house property??
Please reply asap.
Thanks.
Now he lives in joint family, their bunglow being in names of his elder family members,He is planning to construct a floor in this paternal property of his.
My question is whether this construction would be eligible for deduction under section 54 of the income tax act as construction of residential house property??
Please reply asap.
Thanks.
Nikhil Kaushik
(Expert)
26 June 2014
a full new floor construction should be eligible for Section 54 deduction. But I hope that your friend has parked the capital gains in CGAS account in the meanwhile
Rupesh Jain
(Expert)
26 June 2014
house will be in name of the assesse. then he claim the LTCG exemption.
Nikhil Kaushik
(Expert)
26 June 2014
it is not necessary that the house should be in the name of the assessee. Rupesh, you may refer to numerous case laws on this issue...
04 July 2014
agreed with nikhil .................
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