Process in selling jointly owned house property
sabyasachi ghosh (GM) (73 Points)
01 May 2017sabyasachi ghosh (GM) (73 Points)
01 May 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176768 Points)
Replied 01 May 2017
When you wish to purchase new house property in same name, no tax liability; exempted u/s. 54. Till that time you will be required to deposit the gains amount in CGAS,1988.
sabyasachi ghosh
(GM)
(73 Points)
Replied 01 May 2017
Thanks sir ,
need 2 more clarification .Being a joint owner
1 ) If the consideration from sale should be partly taken on my account and partly in mother's account ?? and to be shown separately in return ?
2) If the situation is the new property is purchased in single name either of mine or mother's , is partly adjustment in tax liability possible ? what is the best tax optimisation possible? I am under 30% bracket and mother - sr citizen and no income .
regards
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176768 Points)
Replied 01 May 2017
1. Better. But not compulsorily divided into accounts.
2. " and to be shown separately in return ?" YES.
3. Better to purchase in both names jointly. At least payment must be from each as per exemption to be claimed individually.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India