Capital gain exemption u/s54
This query is : Resolved
02 April 2012
Suppose i sold 2 (Long term capital Assets)residential house which was in my own name,sale price of one is Rs.70L & other for Rs.10L, and capital Gain arising from this two houses are Rs.50L & Rs.1L respectively.
I purchase one new house within 1 year from date of sale for Rs.90L in joint name with one of my relative, consideration was paid in Ratio of 50:50.
i.e i paid only Rs.45L for purchase,..
Now for Claiming exemption i have two doubts:-
1.Whether i shall claim exemption for Rs.45L i.e. consideration paid by me only, or for Rs.90L whole purchase consideration.
2.Exemption shall be available for both the houses or only for one house.
Please help me out experts.
I purchase one new house within 1 year from date of sale for Rs.90L in joint name with one of my relative, consideration was paid in Ratio of 50:50.
i.e i paid only Rs.45L for purchase,..
Now for Claiming exemption i have two doubts:-
1.Whether i shall claim exemption for Rs.45L i.e. consideration paid by me only, or for Rs.90L whole purchase consideration.
2.Exemption shall be available for both the houses or only for one house.
Please help me out experts.
02 April 2012
Is the new property registered in joint name?
If that is the case, then you can claim exemption only for Rs. 45 lakhs.
The exemption is available for both the houses.
Out of total gain of Rs. 51 lakhs, Rs. 45 lakhs shall be exempt and balance Rs. 6 lakhs shall be taxable @ 20%.
If that is the case, then you can claim exemption only for Rs. 45 lakhs.
The exemption is available for both the houses.
Out of total gain of Rs. 51 lakhs, Rs. 45 lakhs shall be exempt and balance Rs. 6 lakhs shall be taxable @ 20%.
Message likes :
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02 April 2012
Mr.Siddhartha Bhardwaj Thank you very much..:)
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