Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2015
Dear Sir / madam,
An individual bought a house / flat in f.y 2014-15, and where his father has invested 2/3 from his personal savings and son has taken a loan of 1/3. The house will be on individual's name.
Father owns another flat, where he sells the flat in f.y. 2015-16.
while arriving at cost inflation indexation in Capital gains, whether father can claim that he had invested 2/3 already and funds were adjusted towards investment in individual / son's house and avoid capital gains taxation.
An individual bought a house / flat in f.y 2014-15, and where his father has invested 2/3 from his personal savings and son has taken a loan of 1/3. The house will be on individual's name.
Father owns another flat, where he sells the flat in f.y. 2015-16.
while arriving at cost inflation indexation in Capital gains, whether father can claim that he had invested 2/3 already and funds were adjusted towards investment in individual / son's house and avoid capital gains taxation.
Gaurav Vora
(Expert)
10 March 2015
Deduction under Section 54 / 54F is available for amount paid towards purchase / construction of a residential house property in India. It is immaterial whether the house property is in the name of self or his son.
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
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- GST input credit on commercial property
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
