Dear Sirs,
An assesse and his wife have sold a Co-owned House Property at Rs.120 lakhs. Their Share is 50% each.
The Long-Term Capital Gain (LTCG) from the Sale is Rs.90 lakhs.
They have Re-invested this amount in building another House Property at Rs.104 lakhs. So they are eligible to claim Exemption under S.54
Now in ITR 3 ,How should we show the Values for each Assessee (Husband & Wife) ?
A) At 100% Values in Each Assessee's Return
i.e. Sale Rs.120 lakhs , LTCG Rs.90 lakhs , Reinvestment - Rs.104 lakhs
or
B) At 50% Values in Each Assessee's Return
i.e. Sale Rs.60 lakhs , LTCG Rs.45 lakhs , Reinvestment - Rs.52 lakhs
Please reply A or B or any other Option.
CAclubindia
