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Capital gains tax exemption

Tax planning 439 views 6 replies

Amit

35 Points Posted on 09 March 2023

Hi I want to get capital gains tax exemption under section 54F. I have purchased house jointly with my wife. So in this case can I get exemption on entire value of purchased house or exemption is only on half value.

Replies (6)

sabyasachi mukherjee

Profession Business

28207 Points Posted on 09 March 2023

Capital gains how much?
tenure when you hv purchased the property?

Komal Barapatre

210 Points Posted on 09 March 2023

Can take whole purchase value as exemption if only one capital gain return is filling

CA Sorav Gupta

Chartered Accountant

1005 Points Posted on 09 March 2023

You can claim the exemption on the entire value of the house purchased as the act does not stipulate that the house property should be purchased only in the name of the assessee provided that 100% of the capital gain is included in your total income.

Also, remember the formula of calculation exemption under this section is quite different from the other exemptions.

In case of any further queries, kindly mail me at casoravgupta @ gmail.com

Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)

sabyasachi mukherjee

Profession Business

28207 Points Posted on 14 March 2023

Purchase of asset is not transfer. So it's not a capital gain.

Amit

35 Points Posted on 14 March 2023

Hi thanks for reply. So it means if I have gains more than house cost then I can claim entire house cost even if I jointly own it with my wife.

Komal Barapatre

210 Points Posted on 15 March 2023

If you are paying in your ITR the whole amount of capital gain, then you can claim the whole capital gain exemption that is the purchasing price of house