BHUPENDER SINGH (CA Final) (35 Points)
21 June 2013Flat 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.
Amber Jain
(Article Assistant)
(206 Points)
Replied 22 June 2013
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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