25 September 2012
Sir, Have a query regarding section 54 F Deduction, the case is as below : Mr A and Mrs A have holding of 50:50 in an house property which they sold fr 1 cr( Assume Capital gain 60 lakhs). And for 54 F Mr A has taken the full amount of gain in his return(1cr) and also mr A had purchased a flat on his his name worth 50 Lacs. so can mr A take the whole income in his own account and take deduction for 50 Lakhs or he has to take only 50 lakhs as his income?
If he can take the amount of 1 cr fully in his name then also please let me know the case studies realted to that
CAclubindia
