Long Term Capital Gain & benefi of section 54
This query is : Resolved
Naveen Kumar Jain
(Querist)
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?
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
(Expert)
04 July 2011
Yes each person can invest & claim deduction
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