Can capital gain liability of individual (wife) be adjusted if she buys new property with co-owner( her Husband) and Husband is taking bank loan for balance amount.
1. Old property was on the name of individual 1 - lets say Mrs. 'A'
2. New Property will be purhcased by Two Individuals ( Mrs 'A' + Mr 'B' ),
3. Mrs 'A' investing entire recibavle amount of OLD property, and Mr B investing over and above amount to buy NEW property.
Can LTCG liability of Mrs 'A' be rightoff with this transaction.
| Originally posted by : Amit Agarwal | ||
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Can capital gain liability of individual (wife) be adjusted if she buys new property with co-owner( her Husband) and Husband is taking bank loan for balance amount. 1. Old property was on the name of individual 1 - lets say Mrs. 'A' 2. New Property will be purhcased by Two Individuals ( Mrs 'A' + Mr 'B' ), 3. Mrs 'A' investing entire recibavle amount of OLD property, and Mr B investing over and above amount to buy NEW property. Can LTCG liability of Mrs 'A' be rightoff with this transaction. |
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Yes, u/s 54
Yes. Share of Mrs. A in the property purchased should be ascertained seperately and rest of the workings of LTCG should be done normally as in any other normal case provided all other conditions specified in Section 54 are satisfied.
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