Deduction under section 54 of income tax act.

This query is : Resolved

subhash k. sinduria (Querist)
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03 March 2009 Dear all,
1st issue:-

1) Mr. & Mrs X are in possession of two house property. They want to sell their first house and want to invest the sale proceed in third house. Whether they will get the benefit of Section 54 of Income Tax Act.

2nd Issue
2) How the LTCG can be divided in between the couple who have taken joint loan and opened a joint bank account for servicing of EMIs. Any of the couple keep depositing amounts in bank account for payment of EMIs. For claiming deduction under Section 80C of Income Tax Act, they declared 50:50 ownership by affivit-davit, However in reality they donot segregate who is making how much payment.

Thanks

Subhash