My mother-in-law sold residential plot (inherited) at a capital gain of Rs. 50.00 lakh. My wife sold another residential plot (self acquired) at a capital gain for Rs. 16.00 lakh. They purchased a residential flat for Rs. 73.30 lakh in joint name within one month of sale. My question is whether both can claim 'Nil" capital gain tax?
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Clubbing of capital gain
Replies (5)
Dear Rajiv
Yes both can claim 'Nil' capital gian tax, for further detail please refer to my article below on Capital Gain:-
/articles/summary-on-section-54-exemption-capital-gain-with-case-law-17849.asp
Thanks for the quick clarification. I understand that para 13 of your article would be applicable?
Yes, and also refer to point 5, which say's that the capital gain money should be used for the purchased for other house u/s 54, it should be registered in that person name completely or partialy is not important.
The section only wants that the capital gain income should be invested in other house thats it.
Hi Rajiv,
Yes both can claim "Nil" Capital Gain tax..
Thanks Akshata
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