Exemption incase of Sale of property
This query is : Resolved
01 October 2021
Dear Sir,
A person has sold his old property which was in his name and against that he has purchased a new property where his wife is the first owner and he is the second owner of the new property.
In the old property which was sold his wife's name is not there as the owner and the entire tds was paid in his wife's PAN while purchasing the new property.
Can the person claim exemption on capital gain from sale of property when he has purchased new property while filing his return.
Please help me in this matter.
Regards,
Divyesh Jain
A person has sold his old property which was in his name and against that he has purchased a new property where his wife is the first owner and he is the second owner of the new property.
In the old property which was sold his wife's name is not there as the owner and the entire tds was paid in his wife's PAN while purchasing the new property.
Can the person claim exemption on capital gain from sale of property when he has purchased new property while filing his return.
Please help me in this matter.
Regards,
Divyesh Jain
01 October 2021
The TDS should have been deducted/paid by both equally.
Take care about the payment, husband pays at least the amount equal to or more than the CG arrived from old property sell.
Take care about the payment, husband pays at least the amount equal to or more than the CG arrived from old property sell.
01 October 2021
The TDS was booked in wife's account and its reflecting in her 26AS. Payment to builder has been done equally both by husband and wife. Can the husband take the benefit of amount he has paid.
01 October 2021
Yes, he can, subject to conditions as specified in section 54 of IT act; and upto the limit of share in the newly purchased property.
01 October 2021
Ok, Thanks for your reply Sir
01 October 2021
Most welcome.
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