Capital gains

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Service (Consultant @ KPMG)
24 Points Joined February 2011

Hi,

Please help me figure out a way to save tax in this situation:

A (wife) purchased a land at Rs.4lacs and sold at Rs. 25lacs after 5 years (both the amounts are per the sale deed).

Her husband (B) purchased a flat for say Rs. 50 lacs in the year of sale (single ownership)

Can A claim deduction u/s 54F?

Else please suggest any other way to save tax.

Would it be benefitial if A gains a joint ownership in the flat?

You can also send me your answers at ankita.alwaz @ gmail.com.

 

Thanks,

Ankita

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On 16 July 2015 at 00:30 Report
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Assistant Manager @ EY
955 Points Joined November 2007

Hello Ankita,

50% Co Owner ship with her husband would save from paying capital gain taxes. Its better way to deal with.

 

Thanks,

Suri

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On 16 July 2015 at 20:10
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Tax Consultation (US and India)
2970 Points Joined September 2011

Not merely the ownership but the actual funds should also be of wife in order to claim exemption legitly.

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On 16 July 2015 at 21:04

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