Me and my mother are selling different residential properties and plan to purchase 1 flat in both our names (Joint ownership)
can we both save and claim LTCG accrued during the sale.
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Purchase of property to save LTCG
Replies (6)
Yes both will be able to claim Deduction under section 54 to the extent of respective LTCG of old properties
( provided new joint property ratio supports the individual claim under 54)
( provided new joint property ratio supports the individual claim under 54)
Yes you can claim definitely in the ratio of ownership of new property
Yes u can as per sec 54
Yes you can. Also if you need assistance in the entire activity - selling to buying , legal tax. Please reach me at dipak @ indiassetz.com or post on our website www.indiassetz.com
Yes it is possible u/s 54 of the Income Tax Act 1961. You both can claim Exemption benefit u/s 54 of the Income Tax Act 1961.
Yes both of them can claim under sec 54
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