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Deduction under sec. 54

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(Querist)
09 August 2013 sir,
my question is that i want to sell a residential house which is in the name of me. on which i will have LTCG and thereafter i want to purchase a new residential house in the joint name with my mother. can i claim a deduction under sec. 54 and how much?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 August 2013 Yes you will be eligible for deduction since you are one of the co-owners.
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naveen banger

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naveen banger (Querist)
09 August 2013 but partly or wholly
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 August 2013 You are eligible for deduction of the whole amount invested in the new property.
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naveen banger

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naveen banger (Querist)
09 August 2013 thanks sir
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 August 2013 You are welcome. You should use the thanks button to convey your thanks.

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