Hi I want to get capital gains tax exemption under section 54F. I have purchased house jointly with my wife. So in this case can I get exemption on entire value of purchased house or exemption is only on half value.
6 Replies
sabyasachi mukherjee
(27579 Points)
Replied 09 March 2023
Capital gains how much?
tenure when you hv purchased the property?
tenure when you hv purchased the property?
Komal Barapatre
(210 Points)
Replied 09 March 2023
Can take whole purchase value as exemption if only one capital gain return is filling
CA Sorav Gupta
(Chartered Accountant)
(1005 Points)
Replied 09 March 2023
You can claim the exemption on the entire value of the house purchased as the act does not stipulate that the house property should be purchased only in the name of the assessee provided that 100% of the capital gain is included in your total income.
Also, remember the formula of calculation exemption under this section is quite different from the other exemptions.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)
sabyasachi mukherjee
(27579 Points)
Replied 14 March 2023
Purchase of asset is not transfer. So it's not a capital gain.
Amit
(Yy)
(35 Points)
Replied 14 March 2023
Hi thanks for reply. So it means if I have gains more than house cost then I can claim entire house cost even if I jointly own it with my wife.
Komal Barapatre
(210 Points)
Replied 15 March 2023
If you are paying in your ITR the whole amount of capital gain, then you can claim the whole capital gain exemption that is the purchasing price of house
Recent Topics
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
Related Threads
CAclubindia
