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rama krishnan 06 December 2019
He's eligible to claim deduction under section 54 to the extent of his share in the house property purchased with partner. for example if the capital gain on sale of house is 50 lakhs and his share in the house property purchased is 25 lakhs, then only 25 lakhs can be claimed as deduction
Kapadia Pravin 06 December 2019
I agree with Ramakrishnan. In addition ......
As per example given ---
Balance 25 lakhs of capital gain - he can invest into REC NHAI bonds under section 54EC (within 6 months from date of sale of house.)
Maximum investment limit under 54EC bonds is 50 lakhs.
So full LTCG of 50 lakhs will be exempt.
Section 54F is not applicable.