Treatment of LTCG in case of joint ownership?

Tax queries 1391 views 1 replies
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CA Final
35 Points Joined June 2009

Flat purchased on 05/12/2005 for Rs. 11,50,000 in joint name of Father & Son.

Same flat sold on 05/12/2012 for Rs. 63,50,000.

LTCG on sale Rs. 43,78,571.

New flat purchased on 26/12/2012 for Rs. 63,00,000 in joint name of Father, Son & Son's Wife.

How should LTCG exemption be taken u/s 54.

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On 21 June 2013 at 14:53 Report
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Article Assistant
206 Points Joined August 2012

Dear Bhupendra,

While computing your income for A.Y. 13-14 you will have a exemption u/s 54 restricted to amount of capital gain, and whether the son is minor or major..?

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On 22 June 2013 at 14:39

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