Hi,
Pls clarify if anybody sells his residential house in his single name and gets benefit of Long Term Capital Gain.
Now he is buying other Residential House by investing Capital Gain amount.
Tell me pls.
Can he keep his wife as joint owner being second name in new property he is buying.
or else
He has to buy the property in his single name as was the case of property sold by him and availed Long Term Capital Gain.
With best regards.
Sajan Didwania
In case of joint ownership, always first name is considered by the department. If the first name is of the husband who has sold the property earlier, he can take the benefit of exemption u/s 54 even if the new house has joint ownership.
if all the consideration is paid by you,you can claim exemption.this is because in case of joint ownership the income from such house property is to be seperately taxed in both hands as per section 26.but deemed owner rule applies in case of full consideration paid by u.
correct me if am wrong
CAclubindia
