21 January 2008
A son sells a SO property and His mother also sells SO property. Both has Long term capital gains. They want to purchase a new house for residential purpose in joint name (Of son and mother). Can they claim exemption U/s 54 and 54EC if they purchase new house property in joint name?
21 January 2008
Yes; it is advisable to mention the share of ownership in respect of the new property in the title deeds to the new property and actual payment made by each towards purchase consideration, to disclose everything unambigously.
CAclubindia
