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Sale of land


sagar (article)     18 October 2020

sagar
article 
 37 points

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Mr.X is having a plot in his name which he purchased in the year 1991 at 15000 and now he sold the same at 27laks and purchased a plot for Rs 46laks in his son name. because he is retired and not eligible for loan. so my query is can Mr.X claim exemption u/s 54F or he has to pay tax on LTCG at 20%?

sagar (article)     18 October 2020

sagar
article 
 37 points

| My Other Post

Mr.X is having a plot in his name which he purchased in the year 1991 at 15000 and now he sold the same at 27laks and purchased a plot for Rs 46laks in his son name. because he is retired and not eligible for loan. so my query is can Mr.X claim exemption u/s 54F or he has to pay tax on LTCG at 20%?

avater

yugal jain   18 October 2020

yugal jain

 14 likes  197 points

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Advise him to be a joint owner in the new plot

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ayusmita (Tax consultant)     19 October 2020

ayusmita
Tax consultant 
 99 likes  1384 points

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Mr x should be the owner along with his son

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Aman Goyal   19 October 2020

Aman Goyal

 3 likes  21 points

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U can claim exemption if you your your wife is the owner

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sagar (article)     19 October 2020

sagar
article 
 37 points

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If he is joint owner then exemption can be claimed fully or half?

Aman Goyal   19 October 2020

Aman Goyal

 3 likes  21 points

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Fully

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rama krishnan   19 October 2020

rama krishnan

 974 likes  10654 points

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If you're joint owner you can claim to the extent your share in the new property (make sure to construct a house within 3 years from the date of sale old land property)

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yugal jain   19 October 2020

yugal jain

 14 likes  197 points

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It is advisable to be the joint owner and claim the exemption

avater

ayusmita (Tax consultant)     19 October 2020

ayusmita
Tax consultant 
 99 likes  1384 points

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Exemption is as per your shares in the newly owned property


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