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Joint ownership LTCG

30 August 2024

suppose me and my wife had purchased property jointly and now we sold it..... and purchased another property only in my wife's name......can both wife n me claim exemption under 54?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (172082 Points)
Replied 30 August 2024

Have you invested your part in the new property purchased?

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Joshua Dsouza (160 Points)
Replied 30 August 2024

Yes we r planning to invest this month

jagdish chhugani (engineer) (831 Points)
Replied 30 August 2024

WHO PAID MONEY FOR ORIGINAL PROPERTY? 1ST NAME IN PROPERTY.

WHEN SOLD BOTH OF YOU RECEIVED MONEY, WHAT IS INVESTMENT SHARE PERCENTAGE?

WHEN YOU FILE RETURN - CAPITAL GAIN SCHEDULE - YOU NEED TO INSERT 1ST NAME AND SECTION 54 APLICABLE TO 1ST HOLDER

IN YOUR CASE 1ST YOU HAVE TO PAY LTCG TAX THEN GIFT MONEY TO WIFE, THEN SHE CAN BUY IN HER NAME.

WHEN YOU BUY NEW PROPERTY THEY WILL TALLY WITH STAMP DUTY DEPARTMENT.

BETTER YOU BUY IN YOUR NAME THEN GIFT TO WIFE.

The stamp duty on gift deed in Maharashtra is 3% of the property’s value, as per Article 34 of the Maharashtra Stamp Act. However, if the property is gifted within the family (to husband, wife, son, daughter, grandson, grand-daughter, or wife of a deceased son), the stamp duty is Rs 200 for residential or agricultural properties. This amendment was introduced in 2017.

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