Helllo Every One,
Have following queries regarding Capital Gains arising on sale of Residential Property by the Co-owners
1. A & B are co-owners (50-50 each) to a residential property. Now they are about to sale the Property. So Can both the Assessee invest the proceeds of their share in the new single residential property in their joint Names to claim exemption U/s 54 of the IT Act?
2. B & C are Co-owners (50-50 each) to a residential property. Now they are about to sale the Property. So can any one of them can claim the capital gains wholly or both have to share it equally compulsorily? If only one can bear the capital gains then is their any legal formality to be done or can be done mutually by both the co-owners?
Please gauide me through ur replies and also give reference to some case laws to the above case........
Thnx
CAclubindia
