Suppose on sell of a House Property, the long term capital gain comes up to Rs. 20 lac for the assessee. Now, the assessee purchases a new asset worth Rs. 30 lac as a joint property with 50% share and takes a loan of Rs. 15 lac for the same.
The query which arises in respect of the above is what amount shall be eligible as exemption u/s 54 for the assessee.
As per his share in the new property..... i.e. 15 lakhs...
Thank You so much for the reply everyone..
another query in this reagrd is,, if the assessee invests the amount in an under construction bungalow, then will the exemption be allowed?
Shyam Joshi & Associates
Pune
B.Com
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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CMNITY HIRE
New Delhi
Others
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CAclubindia
