Regarding capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2013 A & B had purchased a flat jointly having equal share. They sell this flat at Rs.50 lacs in the current year. They both individually purchase a flat in the same year. Whether capital gains arising u/s 54 on them will be shared among the assesses?

I will be highly obliged if you provide me with a case study.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 November 2013 dear friend,

each one, A and B shall be in receipt of consideration equivalent to Rs 25 lakhs and shall be eligible to claim exemption under 54 when they invest in residential property individually or together.

So you need not worry and claim exemption under 54 for both A and B.

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