LTCG on shares for deduction in second residential house

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Manager
37 Points Posted on 25 October 2021
Mr A and B jointly own one residential house. Now they jointly buy second residential house in the names of Mr B and A in FY 2021-22.

For the purchase of second residential house, Mr A and B sold shares and long term capital gain is earned. Is deduction for LTCG available? for both and under which section?
Thanks in advance!
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On 25 October 2021 at 20:16 Report
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Quick Summary
This discussion clarifies whether Long Term Capital Gains (LTCG) earned from selling shares can be used to claim a tax deduction when purchasing a second residential house. The consensus is that both joint owners can claim a deduction under Section 54F of the Income Tax Act for the purchase of the second property.

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SEO Sai Gr. Hosp.
212535 Points Posted on 26 October 2021

Yes, both can claim deduction u/s. 54F of IT act.

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On 26 October 2021 at 08:34
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Manager
37 Points Posted on 26 October 2021
Thanks a lot Sir!
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On 26 October 2021 at 10:24

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