Ltcg on sale of property if own two or more properties
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2012
Mr X currently owns three residential properties :-
Propoerty No 1 : Bought in Jan 2001 for Rs 1 Lakh (Single Ownership in name of Mr X)
Propoerty No 2 : Bought in 2005 and residing in this property (Single
Ownership in name of Mr X)
Property No 3 : Bought in July 2010 and still under construction till Oct 2012 (Single ownership in name of Mrs X but home loan paid thru a joint home loan account and Mrs X is a seperate income tax assessee)
Mr X wants to sell Property No 1 for Rs 5 Lakh in Dec 2012 and plans to buy a new residential property within a period of one year after sale. Purchase price of new property will be more than Rs 5 Lakh.
Query is :-
Will Mr X be eligible to avail deduction against LTCG tax applicable on sale of Property No 1 even if he owns one more residential property - Property No 2)
Thanks
Propoerty No 1 : Bought in Jan 2001 for Rs 1 Lakh (Single Ownership in name of Mr X)
Propoerty No 2 : Bought in 2005 and residing in this property (Single
Ownership in name of Mr X)
Property No 3 : Bought in July 2010 and still under construction till Oct 2012 (Single ownership in name of Mrs X but home loan paid thru a joint home loan account and Mrs X is a seperate income tax assessee)
Mr X wants to sell Property No 1 for Rs 5 Lakh in Dec 2012 and plans to buy a new residential property within a period of one year after sale. Purchase price of new property will be more than Rs 5 Lakh.
Query is :-
Will Mr X be eligible to avail deduction against LTCG tax applicable on sale of Property No 1 even if he owns one more residential property - Property No 2)
Thanks
29 October 2012
Yes, he can avail the benefits of secytion 54. This section does not impose the condition of having more than one property.
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