Long term capital gain

This query is : Resolved

Pranav (Querist)
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24 January 2015 sir,
if an assessee is having sale proceeds of his property of Rs.1,00,00,000, he invests in a property worth Rs. 20,00,000 of which he is having a share of 50%, other 50% is going to be held by his brother. however the whole amount of purchase considertaion has been paid by assessee only( but legally both the brothers are going to be the joint holders) how much amount of deduction can be claimed by assessee u/s 54.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 January 2015 Exemption can be claimed of the full amount
of Rs 2000000/- or of the capital gains, which ever is lower.
.

Rupesh Jain

Rupesh Jain (Expert)
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24 January 2015 exemption is available if sold residential property then profit or rs. 20 lacs whichever is less will exempt.

Pranav

Pranav (Querist)
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27 January 2015 but sir legally or on papers the assessee is the owner of 50% property only, so how can he claim 100% deduction.

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