my father was purchased property for me in year 2000 on that time i was 6 years old . Now i want to sale that property and my 2 siblings are also claiming the share in this property. but property is my own name. and i have no objection for sharing the equally sale consideration with my siblings. Now my queries are , (1) can we claim exemption of section 54 individually by all siblings or only i can be availed the benefit of section 54. (2) we can purchase 3 houses for all 3 siblings separately or as per IT rules we can purchase maximum 2 house name of any siblings.
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Implication of Capital Gain taxes
Replies (1)
1. Only yourself can get the exemption, but your siblings can be included in the registry as joint owner.
2. You can purchase 3 houses on same floor, which is called "a single house" for family!!! and thus you alone can get exemption over the said house property.
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