Exemption in capital gain from residential property

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Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2015 Hello,
I purchased a residential property in Apr 2008 & now I want to sale in Apr 2015. The property is jointly owned by me & my father.

I wish to avail exemption in capital gain by either investing in another property / Capital Gain Account Scheme / REC bonds.

I also own another property jointly along with my wife.

I read an article saying that capital gain exemption is applicable only if the applicant owns one residential property at the time.
1. Is this correct?
2. If yes, any alternative way I can avail the exemption?
3. If no, should the new investment be jointly done by me & my father so that both can avail the exemption?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 March 2015 https://www.charteredclub.com/section-54/

https://www.charteredclub.com/capital-gains-account-scheme/

refer this link for full details.

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2015 Thank you Sir but I couldn't get clear answers from these?
Can you plz advise?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 March 2015 1. no need to own house property for claiming deduciton u/s 54
2.can invest in sec 54EC REC/NHAI bonds if u invest the capital gain within 6 months from the date of transfer of long term capital asset subject to max 50 lakhs in a fy
3.atleast u must be a owner/ co-owner

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2015 Thanks Sir for prompt response.
I guess my 1st question is not clear.

Hence reiterating -
I am a co-owner of a flat A.
I am also a co-owner of flat B. I wish to sale flat B & claim exemption from capital gains by investments in CAGS / REC Bonds.

Now Since I own more than 1 properties, I can not claim for exemption under capital gain.

Is this correct?

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2015 Hello Sir,
Can you plz advise?

Thanks in advance

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