Deduction under sec. 54
This query is : Resolved
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.
09 August 2013
but partly or wholly
09 August 2013
You are eligible for deduction of the whole amount invested in the new property.
09 August 2013
thanks sir
09 August 2013
You are welcome. You should use the thanks button to convey your thanks.
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