24 January 2011
Hi All, Below is my query.. Home was in joint name ( my & wife) hence each one has to purchase Sec. 54[EC] bonds OR 100% EMI contributor can purchase bond on his name?
24 January 2011
If share of each of one is given in sale deed, both the person may purchase bond seperately as per sale consideration, otherwise anyone who is showing the capital gain in his return may purchase the bonds.
You mean my wife and me both can purchase the bonds separately upto the limit50 lac if sale consideration is100 lac (as you said in the answer) if i am only paying the EMI
You mean my wife and me both can purchase the bonds separately upto the limit50 lac if sale consideration is100 lac (as you said in the answer) if i am only paying the EMI
25 January 2011
Yes, under section 50EC it has not been mentioned that both person(spouse) can claim deduction on amount invested by another person, therefore both of you have to make different investment.
Please also keep in mind that Capital gain will be in that Ratio which has been mentioned in Legal documents of House Property, say it is 70% & 30% then capital gain will be divided into two ratio.
CAclubindia
