Ltcg on property sold by deceased
This query is : Resolved
06 June 2012
Dear All.
Would request your comments on the below real life scenario:
An assessee has sold a property in Nov 2011 and died shortly. After indexation, he needs to invest approx 10 Lakhs in a new property to save on LTCG.
Before his death in Jan 2012 he has entered into an registered agreement in Dec 2011 for purchase of another property in the name of his son (first name), the assessee himself as second name, and his daughter in-law as a third name.
The majority of the investments (upto 90%) in the new property are made by the assessee of approx 22 Lakhs out of 25 Lakhs.
The question here is :
Will the assessee get the complete benefit of exemption under section 54 inspite of being the second owner and not the first owner.
Would there be any further implications of this scenario.
Immediate help will be highly appreciated.
Thanks.
Would request your comments on the below real life scenario:
An assessee has sold a property in Nov 2011 and died shortly. After indexation, he needs to invest approx 10 Lakhs in a new property to save on LTCG.
Before his death in Jan 2012 he has entered into an registered agreement in Dec 2011 for purchase of another property in the name of his son (first name), the assessee himself as second name, and his daughter in-law as a third name.
The majority of the investments (upto 90%) in the new property are made by the assessee of approx 22 Lakhs out of 25 Lakhs.
The question here is :
Will the assessee get the complete benefit of exemption under section 54 inspite of being the second owner and not the first owner.
Would there be any further implications of this scenario.
Immediate help will be highly appreciated.
Thanks.
CA PARAS BAFNA
(Expert)
06 June 2012
The deceased assessee will get exemption U/s 54 as the amount required has been duly invested.
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