Deduction under sec. 54
This query is : Resolved
naveen banger
(Querist)
09 August 2013
sir,
my question is that i want to sell a residential house which is in the name of me. on which i will have LTCG and thereafter i want to purchase a new residential house in the joint name with my mother. can i claim a deduction under sec. 54 and how much?
my question is that i want to sell a residential house which is in the name of me. on which i will have LTCG and thereafter i want to purchase a new residential house in the joint name with my mother. can i claim a deduction under sec. 54 and how much?
09 August 2013
Yes you will be eligible for deduction since you are one of the co-owners.
naveen banger
(Querist)
09 August 2013
but partly or wholly
09 August 2013
You are eligible for deduction of the whole amount invested in the new property.
naveen banger
(Querist)
09 August 2013
thanks sir
09 August 2013
You are welcome. You should use the thanks button to convey your thanks.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- GSTR9 Annual Return
- Employee secondment
- Rent agreement of House of deceased person
- LLP audit and disclosure
- Import of Capital Machine
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Gift to nri relatives resides in usa
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
