CAPITAL GAIN QUERY U/S. 54
Page no : 2
Rakesh Jain
(insurance agent)
(104 Points)
Replied 28 January 2008
pls. help.
also tell wats the last date to pay tax ????
parthasarathy
(Practising, C.A)
(188 Points)
Replied 01 February 2008
Hi,
For the purpose of Income tax, source and application are most important.
Your father's source is the capital gain, which he applied in purchasing the houses. The registration is required under respective state registration Acts, which can be in anyone's name...but the real amount spender is your father. He can show these houses in his wealth tax return, he can also claim income from house property if he lets these houses.
hence the capital gain will be computed in your father's return and he can claim exemption U/s 54 for the purchase of house..... but he can claim exemption for puchase of only one house not both of them.....the capital gain earned has to be spent for purchase of a house property. hence its better if he claims the purchase of house of higher value.
Later if he wants to tranfer the house to you or your mother, he can do so after holding it for three years.
Rakesh Jain
(insurance agent)
(104 Points)
Replied 01 February 2008
REPLY TO ABOVE ANSWER : -
in income tax act, there is no provsion of no. of house (ie n no of house can be taken) for exemption
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