Income tax return

This query is : Resolved

Rajiv Kumar (Querist)
Follow

10 December 2014 A person sold his paternal property by a sell deed by the sign all three shareholder brothers. The sum of 90 lacks distributed between them by the purchaser by the separate cheque in their own names. If all the seller are not agreed to form huf account for income tax return, is it possible to file their individual return and also get the benefits of tax deductions on source of capital gain under the section 56.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

10 December 2014 If all the three persons are joint owners of the property then they can file separate returns showing their share of the sale amount.

They can individually claim exemptions u/s 54, 54EC, 54F etc.