Relief u/s 54

This query is : Resolved

R Chadha (Querist)
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10 August 2011 I am purchasing an independent first floor of a residential house in Gurgaon in equal shares with my wife, with each paying half the consideration. The purchase cannot be made by two sale deeds showing purchase of separate portions by each of us as sub division of independent floors is not permitted in Gurgaon.
I have negotiated to sell a flat owned singly by me, with its sale to be registered within three months after registration and possession of the residential floor purchased jointly with my wife.
Kindly advise if the amount paid by me as my share of the price for purchase of the residential floor jointly with my wife can be set off from the taxable capital gains from sale of the flat owned singly by me under section 54.

Thank you
Yours faithfully
R K Chadha