09 November 2009
I HAVE PURCHASE A RESIDENTIAL PROPERTY ON A YEAR OF 2004 AND I WOULD LIKE TO SELL OUT MY THIS PROPERTY AS ON THIS MONTH 2009. AND ALSO I WOULD LIKELY TO PURCHASE OF MY NEW RESIDENTIAL PROPERTY IN MY JOINT NAME. IN FIRST NAME OF MY MAJOR SON AND SECOND OF ME. SO MY QUESTION IS THAT SHOULD I HAVE CLAIM EXEMPTION U/S. 54.
09 November 2009
You should be purchasing the property in your own name for claiming exemption u/s 54 and you must ensure that you invest the entire Capital Gain arising after Sale consideration (or deemed sale consideration being valuation adopted by stamp duty officer if higher than actual sale consideration) reduced by indexed cost of acquisition of property.
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