Section 54EC
This query is : Resolved
Ravi Kumar Jain
(Querist)
07 July 2010
A property is jointly owned by 4 person and the same has been sold.
Will the exemption U/Sec. 54EC will be available to each person individually to the extent of Rs.50 Lacs or the same will be jointly calculated as Rs.50 Lacs?
Will the exemption U/Sec. 54EC will be available to each person individually to the extent of Rs.50 Lacs or the same will be jointly calculated as Rs.50 Lacs?
Aditya Maheshwari
(Expert)
07 July 2010
For each owner seperately i. e. equal to 50 lakhs * 4 = 2 crore as capital gain is calculated individually exemption available individually also.
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