A single house property is in the name of 6 individuals and they sold it , the consideration received was equally distributed
My question is , to claim exemption u/s 54 is it required for each person to buy seperate property or if they buy a single property with the name of 6 individuals can the exemption be claimed for each 1 of them please suggest
No the property was inherited
Thank you for your reply sir. Can the exemption u/s 54 be claimed if they buy a single property in the name of all from the total gain
Yes. Each person should contribute at least the amount of his gain to get full exemption and ideally all should contribute equally to maintain the ratio.
Hi,
They can take a single property with all names, But as said by Sunil Ji, they have to contribute the amount out of the share of sale consideration received in their individual hands.
Thanks a ton for your replies CA Sunil sir and CA Ankur sir. Query solved 
CAclubindia
