capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2010 dear friends

Mr X & Mrs X purchase house property in 2003 2,00,000/- bt the payment was made by Mr X only.. no investment from Mrs X.

the said property ws sold out in 2010 for 12,00,000/- and money received was deposited in joint account of Mr X & Mrs X .

Mr X withdrawl full amount from the account. now so please give me to whom & how much the capital gain will be taxable.

Mr X & Mrs X want to invest money u/s 54EC NATIONAL HIGHWAYS AUTHORITY INDIA so How much Mr X & Mrs X should invest & should they invest jointly in 54EC or sepertely for tax exemption u/s 54ec.

Akhil Agrawal

Akhil Agrawal (Expert)
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11 July 2010 Well in this case they made a mIstake in 2003 itself. However i will suggest that in 2003 the share of Mrs. was Gifted by Mr. X & therefore its a gift in kind.

they will be treated as the Joint owner of the Property & there share will be as per the Property Papers.

In 2010, the 1200000 will be as per the share in Propety & the CG will be calculated seperately for each.

54EC will be available to both assesses.