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.
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.
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)
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.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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