Long Term Capital Gain & benefi of section 54

This query is : Resolved 

26 June 2011 In case of sale of a residential house jointly owned by 3 individuals, can each one of them avail benefit of section 54 by investing his share of LTCG in buying a separate residential house in his own name, i.e. separate property is purchased by each individual utilising his share of capital gain?

26 June 2011 Yes, each owner can buy separate residential house property and can claim individually exemption U/s 54.

04 July 2011 Yes each person can invest & claim deduction




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