Long term capital gain
This query is : Resolved
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.
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.
24 January 2015
Exemption can be claimed of the full amount
of Rs 2000000/- or of the capital gains, which ever is lower.
.
of Rs 2000000/- or of the capital gains, which ever is lower.
.
24 January 2015
exemption is available if sold residential property then profit or rs. 20 lacs whichever is less will exempt.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Missed TDS
- IT returns for fresh job holders
- F&O reporting in ITR
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
