Exemption under section 54f

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This query is : Resolved

shivi jain (Querist)

16 January 2012 whether two taxpayers can jointly invest in residential house property to claim exemption u/s 54F in their individual income tax return on proportionate basis.

CA CS PRASHANT

CA CS PRASHANT (Expert)

17 January 2012 Yes definitely.

Section 54F does not bar for joint investment but both will get the exemption benefit to the extent of investment subject to CG and in proportion of your individual investment.

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shivi jain

shivi jain (Querist)

17 January 2012 Is there any case law available for the same?? Kindly give me some reference if u r aware of?

Thanks
Shivi

CA CS PRASHANT

CA CS PRASHANT (Expert)

17 January 2012 Dear i have not come through any case law for the same.

But by proof reading of section i have given the expertise.

Am also welcoming the other experts view on the issue.

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shivi jain

shivi jain (Querist)

18 January 2012 thnku so much Prashant. your opinion prooves very helpful to me....

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