29 June 2015
Jointly registered & jointly owned are different things. But yes, in both cases exemption u/s 54 can be claimed. Jointly registered could mean only first person is owner & has paid for property in which case there is no problem at all in claim benefit of sec. 54. In case property is jointly owned, i.e., more than one owner where each person has contribution and not necessarily equally, each co-owner can claim the benefit of sec. 54 for his share in the capital gain as each person will be taxed separately.
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