Me and my mother are selling different residential properties and plan to purchase 1 flat in both our names (Joint ownership)
can we both save and claim LTCG accrued during the sale.
6 Replies
Kapadia Pravin
(17259 Points)
Replied 28 December 2019
Yes both will be able to claim Deduction under section 54 to the extent of respective LTCG of old properties
( provided new joint property ratio supports the individual claim under 54)
( provided new joint property ratio supports the individual claim under 54)
veeresh hiremath
(10 Points)
Replied 28 December 2019
Yes you can claim definitely in the ratio of ownership of new property
Dipak Jain
(2 Points)
Replied 29 December 2019
Yes you can. Also if you need assistance in the entire activity - selling to buying , legal tax. Please reach me at dipak @ indiassetz.com or post on our website www.indiassetz.com
Shivam RC
(Student)
(23683 Points)
Replied 29 December 2019
Yes it is possible u/s 54 of the Income Tax Act 1961. You both can claim Exemption benefit u/s 54 of the Income Tax Act 1961.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 24 August 2020
Yes both of them can claim under sec 54
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