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.
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Capital gains tax exemption
Replies (6)
Quick Summary
Capital gains how much?
tenure when you hv purchased the property?
tenure when you hv purchased the property?
Can take whole purchase value as exemption if only one capital gain return is filling
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)
Purchase of asset is not transfer. So it's not a capital gain.
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.
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
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