long term capital gain from property

This query is : Resolved

vimal shankhwar (Querist)
Follow

24 January 2011 Hi All,
Below is my query..
Home was in joint name ( my & wife) hence each one has to purchase Sec. 54[EC] bonds OR 100% EMI contributor can purchase bond on his name?

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
Follow

24 January 2011 If share of each of one is given in sale deed, both the person may purchase bond seperately as per sale consideration, otherwise anyone who is showing the capital gain in his return may purchase the bonds.

Guest

Guest (Expert)

24 January 2011 Yes, I also agree with Mr. Bhagat

vimal shankhwar

vimal shankhwar (Querist)
Follow

25 January 2011 Thanks

You mean my wife and me both can purchase the bonds separately upto the limit50 lac if sale consideration is100 lac (as you said in the answer) if i am only paying the EMI

vimal shankhwar

vimal shankhwar (Querist)
Follow

25 January 2011 Thanks

You mean my wife and me both can purchase the bonds separately upto the limit50 lac if sale consideration is100 lac (as you said in the answer) if i am only paying the EMI

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
Follow

25 January 2011 Yes, under section 50EC it has not been mentioned that both person(spouse) can claim deduction on amount invested by another person, therefore both of you have to make different investment.

Please also keep in mind that Capital gain will be in that Ratio which has been mentioned in Legal documents of House Property, say it is 70% & 30% then capital gain will be divided into two ratio.

Regards!!!

Guest

Guest (Expert)

25 January 2011 I agree with Mr. Adhikari also.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now