Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

House Property Calculation

17 August 2020

A Women Who Government Employee
sell Property And Received RS.1700000/-

Now They Purchase New Property In Name Of Sons Wife for Benefit Of Stamp Duty,Subsidy And Other Benefits.

Is She Eligible For Tax
if Yes how Much ?

Reply
Follow
Share

11 Replies

Vineet Goyal - indiaitr.com (Founder of IndiaITR.com) (184 Points)
Replied 17 August 2020

No, she is not eligible for tax benefit. As property is purchase in another name and tax is to be paid on different name.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Dharmik Prajapati (24 Points)
Replied 17 August 2020

If she Purchase New Property Own Name then She Claim Benefit Of Subsidy

Vineet Goyal - indiaitr.com (Founder of IndiaITR.com) (184 Points)
Replied 17 August 2020

What I meant is tax benefit, not the subsidy. Govt subsidy on interest on purchase of new house property is different issue.

Dharmik Prajapati (24 Points)
Replied 17 August 2020

Ok
how Much Tax Payable For That ?
if She Purchase New House,
is there benefit U/s 54.

SUSHANT BIDAYE (597 Points)
Replied 17 August 2020

In my view , the benefit of section 54 wont be available as new house in different name

Upgrade to CAclubindia Pro. Subscribe Now!

Yudhishthir Sharma (Article) (207 Points)
Replied 17 August 2020

@ Dharmik Prajapati

which property sale ? like - Land , Building.....

Dharmik Prajapati (24 Points)
Replied 18 August 2020

A House Sold And Received Cheque Of Rs 1700000
new Home Loan for Purchase New House .
owing Her Name or Sons Wife
which Is Befecial ?

Yudhishthir Sharma (Article) (207 Points)
Replied 18 August 2020

@ Mr. Dharmik

New house purchase for her name take benefits of sec. 54.
while if you take benefits like :- Govt. subsidy on home loan, than new house purchase name of sons wife.

1 Like