Section 54

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

08 March 2010 I sold a flat-A in May 2009, with a net capital gains of Rs 10 lacs. I had booked a flat-B in Nov 2007 for 24 Lacs (18 months earlier than sale of flat-A), the possession of which is due in May 2010. In order to avail relief under sec 54, kindly clarify the following points:
(1) Agreement date or date of possession is considered for calculating time limit of 1 year before and 2 years after?
(2) If flat sold was solely in my name, while flat purchased is in joint name with my sister, can I claim releif under sec 54?
(3) If I have made payments through a housing loan in place of investing my own capital gains money, can I claim releif under sec 54?

C A GROUP COACHING

C A GROUP COACHING (Expert)
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08 March 2010 1)Date of completion of construction is the provision.
2) In my opinion if your are the first name Holder in the joint agreement you can claim relief ( Here Possibly my opinion my differ )
3 ) Since you have availed Housing loan then the relief shall be available on to the extent of your own contribution ( i.e Margin paid ) & not the whole of purchase price. ( Purchase price - Loan amt Balance paid by you shall qualify for calculation of relief.Provision regarding investment for claim of relief is very clear stating the amount Invested from Gains

Chandrakant Ambani
Mumbai
9819408963

Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2010 My name in the agreement is second. Mr sister's name is first Then can I as second owner claim the relief?

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C A GROUP COACHING

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09 March 2010 No

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2010 .