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Long Term Capital Gain & benefi of section 54

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26 June 2011 In case of sale of a residential house jointly owned by 3 individuals, can each one of them avail benefit of section 54 by investing his share of LTCG in buying a separate residential house in his own name, i.e. separate property is purchased by each individual utilising his share of capital gain?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 June 2011 Yes, each owner can buy separate residential house property and can claim individually exemption U/s 54.
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CA Mukesh Jain S

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CA Mukesh Jain S (Expert)
04 July 2011 Yes each person can invest & claim deduction
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