LTCG from sale of House Property

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Quick Summary

If you're planning to sell a property purchased in 2003 and want to invest the resulting Long Term Capital Gains (LTCG) jointly with your wife in a new property, you can do so. This investment is eligible for exemption under Section 54 of the Income Tax Act, provided it's made within the specified time limits.

Satheesan Ragh

Satheesan Ragh (Querist)

13 June 2023 Am planning sell my flat which is purchased in 2003. Whatever the LTCG , can I invest this amount as joint owner with my wife in new house property?. Cost of the new property is 2 times of my LTCG.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 June 2023 Yes, you can invest jointly with your wife and still claim exemption u/s. 54 IT act, by investing the amount in new house property within specified time limit.

Satheesan Ragh

Satheesan Ragh (Querist)

13 June 2023 Thank you so much sir.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

13 June 2023 You are welcome.

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