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Income from capital gain- exemption

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 January 2010 A & B have sold a residential house property. Both of them jointly invest in another house property. Can A & B claim deduction u/s 54 to the extent of their interest in the new house property.
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kiran deshpande

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kiran deshpande (Expert)
31 January 2010 The provisions of Sec. 54 does not put any specific condition that the new property should not be owned jointly. Therefore, subject to the fulfilment of all other conditions, both can claim benefit of Sec.54.

It is further clarified here that the benefit available u/s 54 is an EXEMPTION & not a deduction.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
01 February 2010 In full agreement with the above reply
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