income from house property

g@ur@V (SENIOR ARTICLE ASSISTANT) (81 Points)

17 December 2010

if there is a property which is co-owned. if 1 co-owner transfered his share to another co-owner then what will be the tax treatment?????

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2 Replies

Manmohan ACA, CS (Chartered Accountant ) (14243 Points)
Replied 17 December 2010

TAXABLE IN THE HANDS OF TRANSFEROR.
THE TRANSFEREE IF HE HAS SOME LTCG , THEN HE CAN CLAIM EXEMPTION U/S 54, AS PURCHASE OF PROPERTY FROM CO- OWNER IS ALSO ELIGIBLE SUBJECT TO OTHER CONDITION AS SPECIFIED IN SEC. 54 .

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Originally posted by : Manmohan
	TAXABLE IN THE HANDS OF TRANSFEROR. THE TRANSFEREE IF HE HAS SOME LTCG , THEN HE CAN CLAIM EXEMPTION U/S 54, AS PURCHASE OF PROPERTY FROM CO- OWNER IS ALSO ELIGIBLE SUBJECT TO OTHER CONDITION AS SPECIFIED IN SEC. 54 .